The case for EUR bearishness is still strong enough for FX strategists at Barclays Capital who recommend for their clients to either stay short EUR/USD or to use rallies as an opportunity to sell the pair. Even as they acknowledge that the €100 billion bailout for the Spanish banks is a "net positive for Spain" as it alleviates pressure on the country, they don't see it as a game changer given that the underling problem facing the euro-zone periphery is still unsolved. "The risk of currency redenomination remains and imposes a large constraint on forging and domestic investment, and therefor on growth prospects," ... (full story)