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• EUR/USD has consolidated a steep decline reaching 1.1137 EBS from 1.0806

• 1.1144 is the target for minimum tech correction of Oct-Mar fall

• EUR/USD rebounded after stretching deep into oversold territory

• There is now scope for a renewed decline, base 20-day BB is 1.0799

• Despite reducing longs traders are still betting on a rise IMM/FX

• After EUR/CHF bounce, support emanating from SNB intervention will lessen

• SNB rebalancing will weigh on EUR/USD's recovery

• Volatility falling weighing funding ccies like EUR and U.S. rates rising