EUR/USD: Neutral: Immediate downward pressure, room to extend to 1.0450/55. While EUR weakened as expected, we highlighted yesterday that ‘any decline is expected to struggle to move below last week’s low at 1.0520’. The overnight low has been 1.0524 and the weak daily closing suggests that the immediate pressure is still on the downside. A move below 1.0520 could lead to further weakness towards the mid-Jan low of 1.0450/55 but based on the current patchy momentum, any decline is expected to be ‘slow and grinding’. Overall, only a move back above 1.0620 would indicate that the immediate downward pressure has eased. ... (full story)