EUR/USD has been hit by a fresh wave of selling after the ECB cut rates 50 bp. The passing of the event risk seems to be the catalyst with some concerned that Trichet would only cut 25 bp after less than a month ago advocating a pause in rate cuts. Prices are testing importand support at 1.3080/90. A break is seen as sending EUR/USD back into a 1.25/1.30 range where we spent considerable time in November and December,