1.3510 put up much less of a fight this time down than it did thwhen we sold off first thing this morning in New York. There had been talk of BIS bids at the lows earlier but perhaps they used up all their bullets in the EUR/CHF raid..
1.3480, the downtrend broken to the topside tenh days ago is now support on pullbacks. Expect stops in the 1.3470 region.
Risk is being reduced ahead of the weekend as stocks and commodities lose furhter ground. Oil is down to $56.75 and the S&P is down just over 1%.
