It looks like the easy ground has now been made in the EUR/USD and bears are going to have to fight a lot harder if they wish to break below 1.4450. Strong option protection at 1.4500 and talk of large Sovereign bids at 1.4460 suggest that buying dips with stops below 1.4450 might offer some good risk/reward. Offers are now expected to start materialising above 1.4600 from the option player who bought yesterday (off-loading their longs will allow them to soak up more if they need to defend again). Play these edges with a neutral bias for the moment.