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The short side of the Euro played out, in-line with the major pairs holding lower in early European trade. We may now see stabilization ahead of the Chicago reaction to oil and gold price fixings in London, and the reaction to the London Interbank Offered Rate (Libor) being set at 05:00 EDT, TheLFB Trade Team said.

Equity markets have moved lower, and in doing so have instigated a risk averse move that has sold the higher yielding pairs, and has allowed the Japanese yen to find buyers. The 20 day SMA areas are coming into play on most of the major pairs, and may be the areas that things get hooked up on ahead of the Wall Street open the Trade Team added.