The 1.3435/40 area contained dips yesterday during New York trading hours but prices have dipped as low as 1.3425 in this most recent push to the downside. Having stalled overnight in the 1.3530/40 region, an important resistance, downside pressure has returned to a market which is much less short than it once was.
Rebounding Greek bond spreads and downgrades to the German and Portuguese GDP outlooks are pressuring the euro,as is a strong EUR/GBP flow.
