EUR/USD - 1.4198.. Euro bears are out on the loose as 'heavy' selling by Euroepan & U.S. names in early Asian trading had triggered many stops, first below 1.4252 n when recent low at 1.4418 was given, euro skidded to 1.4180/85. Despite staging a minor bounce, renewed selling at 1.4232 pushed price down b4 another wave of selling by M.E. & early birds in Europe emerged n pushed euro to a 5-month low of 1.4166. Recent buying on dips by sovereign names suggest they are long n wrong as the technicals have turned decidely bearish on euro, target is pointing at 1.4116 (see our daily technical report). Unless euro can climb back abv 1.4252 (y'day's low), the bears are likely to give it another bash in Europe.
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