Morgan Stanley shorts EUR/USD at 1.3300 and will continue selling on rebounds. "Though a finalisation of the Greek bailout and PSI deals has spurred near-term optimism, we warn that implementation risks still loom high. Furthermore, harsh fiscal austerity risks putting a number of European peripheral countries into a deep recession, pressuring debt/GDP ratios higher." The euro also faces downside risks to the upcoming 3-year LTRO next week, MS says. From 1.33, Morgan Stanley is targeting EUR/USD at 1.2390 with a 1.3460 stop. Meanwhile the bank issues a cautionary note on commodity currencies . "It appears as if ... (full story)