China Mar MNI Business Sentiment Indicator falls to 58.39 vs 60.98

While above 1.2880, last at 1.2909 EUR/USD, and threatening to build a reversal pattern if above 1.2980, Chief FX Strategist at TD Securities Shaun Osborne believes the “EUR/USD has been pulled lower by the focus on Cyprus this week but relative central bank balance sheet positions suggests 1.35 is fairer value for EUR/USD currently,” he notes, adding: “We look for EUR/USD to rebound if a Cyprus deal is reached,” Shaun concludes.