Support is firm in the 1.3165/85 area and with one less risk variable (the Irish bailout vote) now out of the way, shorts may be considering booking some profits. Sentiment remains EUR-negative however and if EUR shorts were already squeezed earlier in the week then we might be ripe for another sell-off. Large EUR/GBP stops were triggered last night and EUR/CHF remains very heavy.
I’d favour a range trading mode intraday with a modest bearish bias and my best guess at an Asian range would be 1.3170/1.3240
