There are not many shorts in the market today but those day traders with a short time horizon will likely look to take some back in the 1.3720/40 region. Keep an eye on US equities this afteroon. Stocks are shedding much of their earlier gains, a factor in prompting some of the longs to take profits. To my mind, the 1.3800 level is quite important, so I would not be in a hurry to cover if short or jump in to add to longs after momentum stalled theor earlier in the day.