[EUR/USD]

[EUR/USD] is taking on a distinctly offered tone with another run above 1.3600 running out of steam and trade swiftly back to current 1.3545-20. Short term models were the earlier buyers and so are particularly prone to such a reverse. We heard earlier of stops under 1.3520 but also now are hearing of even larger triggers at 1.3480. These could work as a magnet as the session progresses, although we would feel that such levels offer a better opportunity to enter longs as the FOMC's QE effect is still impacting on trade.