EUR/USD is consolidating losses after dipping as low as 1.3552 in early New York trade. Offers are seen at the 1.3655/60 level on rebounds, an area of support earlier today after EUR/USD finally overcame support in the 1.3840 area. Dealers reported a Swiss pension fund had been the big buyer at that level and once he was filled in, prices plummeted. Dealers have priced in a cut from the ECB on January 15 after earlier being led to expect a pause.
Very minor resistance lies at 1.3622 in the near-term. We trade now at 1.3613.