EUR/USD fell hard during the session on Tuesday as the "risk off" trade came back. The uptrend line is currently being tested, and this pair suddenly looks like it is ready to fall hard again. The breaking of this line would have us shorting this pair aggressively. We are very short of this pair if we can close below the 1.2850 level.
The GBP/USD pair fell hard as well. While we are longer-term buyers of the Pound, we think that a move below the 1.60 level almost guarantees a move down to the 1.58 level. That area will undoubtedly be vital to where the market moves next.
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