Most of us are a bit perplexed by the BIS action over the last two trading sessions, selling into EUR/USD rallies at such low levels. They obviously have a transaction to do for one of the other central banks and it looks like its a sizeable one. EUR/CHF at 1.4000 and EUR/AUD at 1.4050 are other important support levels to watch today. Cable again tried to retake 1.5000 during the London session but has fallen straight back down again and is looking ripe for another dive.

Good luck today.