Certainly the market is quite short, especially the big professional speculators, but they are also correct. Unless something dramatic changes, I’m sure they’ll be happy to sit on their short positions. The breakdown level at 1.3400/20 now provides initial resistance and selling intraday rallies to this area makes a lot of sense. Not much in the way of support on the daily chart until 1.3240.
Remember that it’s US Thanksgiving later tonight and therefore market conditions will continue to get more illiquid. We can expect intraday ranges to start getting wider from now through December.