EUR/USD: Neutral: Weak undertone but only daily closing below 1.0775/80 would indicate start of bearish phase. While the rapid and sharp drop last Friday was unexpected, we are not convinced that the current movement is the start of a sustained down-move in EUR/USD. However, the undertone is clearly weak but only a daily closing below 1.0775/80 would indicate the start of a bearish phase. Even then, the downside potential is likely limited to a retest of last month’s low near 1.0710. GBP/USD: Neutral: 1.4410/15 is extent.....
