Morgan Stanley Looking For Major EUR/USD Dntrend

Morgan Stanley is looking for major EUR/USD downtrend given that there are so many technical details to work out from the Greek PSI talks. "We have established a renewed bearish position and now lower the stop to protect profits. We believe that many of the potential positives in Europe are now priced in, but the market is not fully reflecting the difficulties that are likely to be associated with finalising the next Greek rescue package. Hence, downside risks for the EUR are building once again," says the bank, adding a break of 1.3080/50 area would signal a bearish trend. EUR/USD trades at 1.3099.