Traders report that central banks have been steady buyers of EUR/USD all the way down this morning, with little effect thus far. They have been able to carve out a low around 1.4525 once again but bounces have been quite limited. Given their steady purchases, if short-term specs start covering, we could see a rebound toward the 1.4580/1.4600 area later in the day. Short-term traders may want to cover shorts and re-establish them on rebounds toward 1.4580/1.4600.