From the FXWW Chatroom: The news may have reached peak negativity yesterday, only time will tell but the markets’ focus and reaction to that news certainly could not be much more sensitive going forward. This combined with the strong out performance of US equities in the past month and impending Month-end re-balancing tomorrow all have me a little worried about holding an excessive EURUSD lower conviction close to 1.1500 in the very micro term. There are many possibly headlines which could catch the market short risk yet the continuous drip of negative headlines are in danger of losing their lustre. A break back above 1.1590/1.1605 would likely force the hand of the short term market. For 1.1500 may be a step too far for EURUSD. A move close to 1.1700/1.1740 would offer an opportunity to reinstate a meaningful EURUSD lower conviction again.
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