EUR/USD: Neutral: In a 1.0500/1.0680 range. We noted yesterday that “the rapid pull-back has resulted in a slight negative undertone” and the relatively weak daily closing suggests that the downward pressure has increased further. That said, 1.0500 is a rather strong support and only a ‘sharp and rapid’ break below this level would indicate that EUR has entered a bearish phase. From here, the downward pressure would continue to build unless EUR can reclaim 1.0630. On a shorter-term note, 1.0590 is already a very strong resistance. GBP/USD: Shift from neutral to bearish: Expect further weakness to 1.2200. While we ... (full story)