You know my thoughts on the EUR/USD by now, neither currency is worth buying. But the recent downtrend in this pair has run out of steam and a base of sorts has formed just above 1.3500. With market momentum at 7 year lows, we need to be very patient and wait for the correct entry levels, but a gradual move higher to find trailing stops looks quite likely.

Dips should now be limited to 1.3540/50 and topside expectations shouldn’t go too far beyond 1.3685/90.