EUR/USD touches US low

An early European climb in the euro to 1.0692 from 1.0640 has low largely faded as EUR/USD trades down to 1.0655.

The euro has been under constant pressure for the past month and there has been increasing talk of a bounce or squeeze.

In general, the bounce comes after everyone gives up on the bounce, not when the whole world is cautious.

Still, it's hard to believe EUR/USD was close to 1.15 a month ago.