Morgan Stanley gets stopped out of EUR/USD position at 1.3460 as optimism reigns heading into Wednesday's LTRO. As permanent euro bears, this is becoming a recurring theme for the bank. "We believe the common currency faces asymmetric downside risks. In a high take-up scenario [of LTRO], we believe immediate EUR gains will be short-lived, while in a low take-up environment, the EUR will fall sharply," says Morgan Stanley. The bank looks to resell at levels near 1.3580, with a 1.3680 stop and targets 1.3110. In a similar fashion, MS short USD/JPY stop triggered at 81.65 amid a wave of short covering, as the pair hit ... (full story)