EUR/USD:The market has mostly been locked in a choppy consolidation over the past several days, but a lower top looks to have carved out by 1.3500, with a break back below 1.2970 over the coming sessions to confirm and open the next major downside extension towards the 1.2585 platform base from August 2010. The latest topside failure above 1.3400 and subsequent sharp pullback strengthen our bias and a retest of next key short-term support by 1.3055 which guards against 1.2970 is expected over the near-term. From here, any intraday rallies should be well capped ahead of 1.3300.
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