EUR/USD is trading at session highs around 1.4740 and it is amazing that it can feel so bullish only 100 pips below what should/could be an interim top at 1.4840. Stops were done below 1.4700 in the twilight zone this morning but there is talk in the market of very large bids indeed on the 1.46 handle, particularly towards the lower end. These bids are said to be from Sovereign names and I for one have no intention of going short until such time as these guys have completed their business.