I hate to get beared up at the bottom but the flow info I’ve been picking up today make me suspect we could be in for sustained EUR/USD weakness ahead.
Earlier we heard reports of central bank selling into weakness which ultimately pushed EUR/USD below 1.3400. Now we are hearing talk of selling from US real money accounts.
Bids are rumored still toward 1.3350 with minor support just below at 1.3340.
On the bright side, Greek bond spreads have narrowed back to 380 bp from around 410 earlier and Greek bank stocks have bounced from their lows. EUR/USD trades at 1.3375
