With no particularly bad news coming out of the US at the moment and with lots of uncertainty still surrounding the EUR, the path of least resistance in the short-term would seem to be down. Friday’s sharp fall from 1.3360 was another indication from the market of what it deems the ‘weak side’ to be. On the plus side for the EUR has been the consistent buying on dips from China and ACBs.
I’d suggest that 1.3220/30 should provide good selling opportunities intraday for a minimum retest of Friday’s lows near 1.3135.
