After touching 1.3699 a short time ago, EUR/USD has drifted back to 1.3640after failing to gain a foothold above 1.37. Traders say sovereign offers are lined up above 1.37 but equally, since the sharp rally on the Sydney open, EUR/USD has held 1.3620 remembering we closed in NY on Friday night at 1.3495. All up the market still appears short (Euro) with bids now located in the 1.3600/10 area. Traders reported that on the early Sydney dip to 1.3620 bids came out of the woodwork prompting a quick retracement back to 1.3650 where it sat until early Europe.