EUR/USD is seeing pretty active trade in early Europe, and like cable is trying to steady. EUR/USD is down at 1.3190 at writing (session low 1.3173) compared to a North American close Friday up around 1.3300.
Sources report sell stops gathered at 1.3170, while some buy orders are noted lined up down at 1.3150. Sources then note more sell stops around 1.3145. Technical support now seen lying down at 1.3100/10.
The euro is being underminned by a number of factors, not least increased risk aversion surrounding the travails of the big US automakers; recent comments by Steinbrueck concerning fiscal responsibility in the euro zone (or lack of it); and speculation ECB will soon be cutting rates again and will soon be moving to quantitative ease.
