Seems like the big Sovereigns are still keen to buy below 1.3000 but market sentiment is still tilted toward EUR-bearish/USD-bullish so rallies are also finding plenty of supply. We had a very long period of range trading at the end of last year, basically between 1.27/1.31, and I suspect that we will get something similar over the next few months, although on a slightly higher plane between 1.29/1.33.
