All things considered, EUR/USD holds up pretty well. For more than a week now we’ve heard almost nothing but massive selling of EUR/USD from US real money accounts. You know, mutual funds, pension funds, endowments; those sorts of guys. They continue to sell this afternoon, just knocking the pair down to 1.3388 before a pop in equities helped boost the pair back up over the figure. The fact that the market has absorbed billions of euros in the last week is pretty impressive, when put into perspective. It also suggests that whomever is absorbing all these euros may be happy to let them go if we can rebound anywhere toward the 1.37/1.38 area.