The bids below 1.3550 have now been well documented (by the way a tactical trade is when you know there are truck loads of buyers so you go long ahead of them) but the offers are also said to be quite heavy between 1.3630/80 so any progress today may be slow. The market is having trouble getting excited about longs or shorts in the EUR/USD and we may well be in for a further extended period of range trading. Our resident Dallas oil magnate has been tipping a 1.34/1.38 range and I’m certainly not going to disagree with him.