AUTOREFRESH 
Not again! Bear-trap snaps shut
By Jamie Coleman || February 12, 2009 at 16:23 GMT
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Again and again EUR/USD looks like it is going to break to the downside as global gloom and doom sparks fresh waves of risk aversion. AnD time and time again, the single currency rises like a phoenix with dealers quickly scrambling to cover shorts, fearful of Chinese buying and of the ECB trying to stave off a currency crisis to keep its bond markets from blowing up.
EUR/USD has triggered stops upon breaking back above the 1.2785 level and now trades at 1.2815. 1.2880 and 1.2940 are resistance near-term.
This afternoon’s trading must be what it’s like to hold a very angry 40ft crocodile by the tail. Cable too thrashed around from 1PM GMT, swinging wildly back and forth and threatening all kinds of breaks only to hold fast. Man, when I let go I’m gonna get me some of them croc skin shoes and bleedin’ belt to match.
How doth the little crocodile
Improve his shining tail,
And pour the waters of the Nile
On every golden scale!
How cheerfully he seems to grin,
How neatly spreads his claws,
And welcomes little fishes in
With gently smiling jaws!
Lewis Carroll, Alice’s Adventures in Wonderland.