A pullback in a two-week advance for risk trends and fundamentally-troubled currencies is inevitable. The trouble lies in assessing whether such a move is merely a breather or a genuine trend change. That is what we are facing with both the Euro (along with its troubled counterparts, the Pound and Franc) and underlying risk trends. The fundamentals are there to support a reversal, yet the market has proven time and again that such concerns can be overlooked. Adding another layer of interest, we find risk aversion raises the threat of intervention on behalf of the Japanese Yen and Swiss Franc.