It is...if we assume there is NO further south adjustment. That’s very possible we’re about the range the euro locked into roughly the final outcome for the last few waves. And there are reasons this won’t be as suppressed. Frankly Thursday wouldn’t have been if not for some really bad luck wrt timing those 2 discreet vorts in front and on top. We see no such countermanding features this time. But it’s hard to ignore the seasonal trend. That and this is just my jam. Fear the fringe!