Volumes picked up a touch into the month-end, but support for the euro appeared to evaporate and the post OMT bounce seems to be losing its spring. Worryingly, EUR/CHF broke lower out of a contracting range, should the decline extend beyond the 200 day average it would put the market back on a collision course with the SNB. Elsewhere, a reversal pattern in EUR/GBP suggests a test of trendline support is imminent; a low close in EUR/SEK would confirm a major topping pattern and EUR/USD is subdued in range.
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Barclays Capital