MARKET TALK: Morgan Stanley Short EUR/USD From 1.33

Morgan Stanley shorts EUR/USD at 1.33 for a downside target of 1.2390 and a stop at 1.3460. The bank says now that positioning is cleaner, the market should again focus on fundamentals and with harsh fiscal austerity and waning confidence, a number of European peripheral countries are at risk of a deep recession. This, says MS will pressure the euro lower. EUR/USD at 1.3386.