EUR/USD has been capped below 1.3625 by some heavy hedge fund selling over the last 24 hours but the dips are meeting similarly well-funded players, which all adds up to some more range trading. There were some heavy stops reported yesterday above 1.3640 and the most likely catalyst to triggering these stops would be more ACB buying. This buying in turn will depend on whether the ACBs need to intervene in USD/Asia and then diversify into EUR etc.