That’s my guess and I have a 50:50 chance of being right. After the big move brought on by the SNB yesterday, traders will have had a night to sleep on their actions and I think many will be saying to themselves that there is no reason to be panicking out of EUR/USD longs, just as they did yesterday. Stock markets are looking quite buoyant, the Fed issued an upbeat assessment and South Korea upgraded it’s economic assessment- nothing startling here but all small reasons for considering a glass-half-full approach. The EUR/USD still looks technically sound so my guess for the European session in EUR/USD is up first towards 1.4050.