I agree with Jamie’s earlier analysis that EUR/USD is going to be volatile and whippy but overall risk-aversion selling in EUR/CHF and EUR/JPY might be balanced by USD selling in EUR/USD. I wouldn’t discount anything so buy big dips and sell big rallies is the way to go. I’d say 1.40/1.45 overall but with Sovereigns still likely to be buying dips I’d still favour a bullish bias.