Forex Flash: Risk for the Euro remains to the downside - RBS

FXstreet.com (Barcelona) - As Greg Gibbs, FX strategist at RBS, notes: "The EUR has recovered as the market presumes the Cyprus bailout will not have a sustained contagion. However, the EUR remains lower than its range on Friday in a down-trend."

"If The EUR does not shrug-off this Cyprus event, but continues its recent gradual decent, sentiment for the EUR will start to turn more decisively negative. At this stage sentiment and positioning is mixed" Greg adds.