The low so far this session has been 1.4062 which is only 7 pips above the recent 1.4055 lows. The bounce today has been quite non-existent and if Europe opens with a bearish tone to the EUR, then we can expect this cross to follow the way of EUR/CAD in recent days- namely sharply lower. For someone who has become accustomed to seeing the pair trade around 1.60 for the last 10 years, levels such as this feel ridiculously oversold but you can’t get in the way of such a strong trend.