The sentiment towards the EUR has taken a negative turn overnight with more Sovereign debt worries surrounding Ireland and Portugal. EUR/USD has drifted 15 pips lower since the NY close but dealers are wary of getting overly bearish as Sovereign names were seen buying near 1.4175 during the NY session.
(Edit: Typical, as soon as I press ‘publish’ EUR/USD gaps 15 pips lower. Dealers tell me that trailing stops below 1.4170 were the target)
From a technical standpoint, the hourly chart is bullish but there’s not much in the way of decent support until 1.4135.
