• I’m maintaining my bearish bias overall but the market is still short so I don’t expect any collapses.
  • Heavy trailing stops were triggered yesterday below 1.3150 so that becomes the initial resistance point.
  • Some of the less volatile crosses like EUR/GBP and EUR/AUD have pulled back closer to technical support levels.
  • This should give the EUR/USD some support soon and I’d expect to see short-covering near 1.2950 at the latest.