Traders say Asia is defending a 1.3800 barrier while another sits just above at 1.3825. 1.3798 was the level from which EUR/USD cascaded lower early in 2009. It is a very important level and a natural place to trim some longs. The market is doing just the opposite, however, adding to longs, hoping momentum is sufficient to break out. A potentially high-risk, high reward strategy.
