EUR/USD fell hard on Tuesday as the Italian 10 year bonds spiked to a yield of over 7%. This area is considered to be dangerous to the market, and will continue to push the fear of defaults and the printing of Euros around the market. Because of this, buying the Euro is extremely difficult. However, the 1.35 level still holds as support. We like selling bounces above all else.
EUR/JPY has broken the 105 level, and looks set to retest the lows. 104 is causing a bit of a struggle, but the Bank of Japan is fighting a losing battle at the moment. We think this pair continues to fall over time.
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