Forex Flash: EUR/USD slated to grind lower – RBS (Barcelona) - “Investors’ suspicions were confirmed as of the EUR/USD descended to the 1.2740 level into the end of last week and the follow through this week so far has done enough to convince us that the market will continue to grind lower.” writes Technical Markets Strategist William Moore at RBS.

“The downside targets and levels of interest lie at 1.2610 and 1.2477, which are quite simply retracement levels from the previous rally. Stop losses can quickly be tucked above the 1.2740 level and utilized on a daily close basis however.” Moore notes.