So until someone with Deep pockets marks this up I can only imagine that Long Term traders will be looking to short this back to Value. Which for us is the 1.3200 area.
There has been a conservative effort to find the top of the range and now has dropped right off it can only mean that Sellers will look to add to their shorts and longs will liquify their positions. Unless of course we get some news which ultimately suggests that the US $ is worthless and the EUR (bless it) is suddenly a safe haven. Don't suppose the ECB want us much higher than 1.32 as we need the EURO Zone to export and sell stuff.