EUR/USD fell hard on the session for Wednesday as traders reacted to Italian bonds rising above the 7% level. The pair smashed straight down to the 1.35 level. The area between 1.34 and 1.36 is what we think is a massive support level. The area could be a place to see a bounce, but if we get one - you would have to think it would be a great opportunity to sell rallies.
EUR/JPY collapsed during the Wednesday session, running straight down to the 105 level. The area should be somewhat supportive, and the Bank of Japan will certainly try to work against a meltdown, but the trend is certainly to the downside, and we think bounces are to be sold.
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