EUR/USD after touching 1.4515 earlier this morning has dipped back into the 1.4480s as the market digests Largarde’s comments from the weekend. She pulled no punches and wants the mandatory recapitalization of European banks. Whilst she has been dismissed in many official circles as not knowing what she is talking about, she makes a lot more sense than Trichet who appears to have a closed mind on the subject. Buying EUR/USD here at the top of its recent range may not be such a good idea!