Despite seemingly ‘positive news’ toward a final resolution in Europe, Draghi dovish move on rates last week to help banks with liquidity and no suitable financing mechanism to hold the union together through the planned fiscal austerity the market continues to view risk and the Euro in a negative light. On the chart below we see the USDSGD pair benefiting from this as it trades above the 50% retracement toward trendline resistance and the 61.8% retracement where perhaps some offers can be found.