Just sold a further 1m Euro and bought USD at 1.5330, making the position now short EUR2m long USD at an average of 1.4940.
Will review again if 1.5500 is seen, but still expect bad news to hit Europe as the sub prime mess rolls on. The US banking scene has been up front (more or less) on their losses. Europe has a long way to go, and the markets are not yet factoring in bad news from Europe.
When Europe goes, it will be a hard fall.
Watch this space.