• EUR/USD is an important psychological swing point

• There's a large amount of option and corporate related hedging tied to 1.10

• Big levels lie ahead 1.10 - 55-DMA 1.1029, 38.2% Jan- April surge is 1.1020

• Low following trade truce was 1.1065 EBS, range next day 1.1089-1.1123

• Any drop below 1.10 would be significant given traders are betting on rise

• Lows ahead 1.10 may encourage more traders to bet on a bigger rally

• Betting dollar drops further is pure speculation

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EUR/USD

(Jeremy Boulton is a Reuters market analyst. The views expressed are his own)