EUR/USD: Neutral: Immediate downward pressure, room to extend to 1.0450/55. EUR hit a lot of 1.0492 yesterday before rebounding quickly. We highlighted the patchy downward momentum and the price action was not surprising. The recovery indicates that the downward pressure has waned somewhat but as long as 1.0620 is intact, there is still room for another leg lower towards 1.0450/55. That said, this is likely only after the completion of the current short-term ‘consolidation/correction’ phase (which could last for a couple of days). GBP/USD: Neutral: Back in range; likely within 1.2400/1.2580. GBP took a peek above ... (full story)