Most of the big banks seem to be warning that any post-Cyprus-deal euphoria is likely to be short-lived but the EUR is holding up quite well near session highs and I think I know why! There are still plenty of shorts out there with tight trailing stops above 1.3075 in particular in EUR/USD, but also above 124.00 in EUR/JPY. I’m staying short EUR/JPY regardless as I think the major risk is to teh downside so I’m willing to risk a stop-run.
