EUR/USD: Neutral: Increased downside risk but bearish only if below 1.1160. We shifted to a neutral stance last Friday and expected EUR to trade sideways within a 1.1190/1.1370 range. EUR rose to a high of 1.1340 before dropping sharply to end near the low at 1.1195. The short-term risk is clearly on the downside but we prefer to see a clear break of 1.1160 before shifting to a bearish stance. The odds for such a move appear to be quite high unless EUR can move and stay above 1.1240 within these 1 to 2 days. GBP/USD: Bullish: Increasing risk of a short-term top. The sharp drop last Friday clearly does bode well for ... (full story)