Rabobank - "The EUR has run into solid support already this morning in the EUR/USD1.3020 area. Even so, we would argue that the EUR should remain on the defensive in the near term. In line with a classic ‘risk off’ move the USD and the JPY should also find some buyers. There is reason to suspect that the gains in both these currencies could be tempered in the near-term. In view of the fiscal consolidation that could hit the US this spring, it is likely that Fed President Bernanke will restate his dovish credentials during his Senate Banking Testimony this afternoon. In Japan, the market is anticipating that the new BoJ Governor is likely to make his mark with a step up in monetary policy accommodation. That said, the technical backdrop in USD/JPY has weakened after yesterday’s outside day reversal. Next support now lies in the USD/JPY90.30 area. For EUR/USD, below this morning’s low in the 1.3018/20 area, support is likely to be offered by this year’s low around 1.2998."