Last time we got below 1.4050 there was some very large demand from Middle East Sovereigns and from Asian Central Banks and this helped the market bounce 300 pips. The market expects this demand to still be in place but we probably won’t know for sure until we get there. I’m sure stops are building now below 1.4000 so I expect Europe to have a go at the down side sometime during their session. If the bids appear in size, then we’ll probably see another sharp short-covering rally.