This is another USD-pair which is a solid downtrend but it may get a temporary respite if the risk trades like the CHF crosses start to rally. As Citibank reported last week, the speculative community is very short of EUR/CHF and we may see some short-covering there if the EUR/USD rally continues and equity markets head higher.
Technical support is at .9910 and I’m hearing reports of good sized bids around the .9825/50 level. Resistance is now very firm around 1.0250/75. Playing the edges of this range would seem to make good sense.
