• EUR/USD has been posting lower daily lows since May 11- down from 1.1794 to 1.1583 (EBS) May 20

• Wed's range is a tight 1.1583-1.1612 - helped by hedging of 1.1 billion euros of 1.1600 option expiries for 10-am New York

• 20dma has crossed below 100-dma - a bearish signal. Tech support 7 April low 1.1524, April 2, 3, 6 triple low by 1.1506

• Regaining and closing above 55-dma 1.1644 may relieve the bearish bias

• Forward-looking FX options recognise and adapt to downside EUR/USD risks, but no panic as yet
EUR=EBS


(Richard Pace is a Reuters market analyst. The views expressed are his own)