It was a solid rebound from the 1.2864 low but not enough to close above the old lows at 1.2927. When you get a long-term breakdown to an all-time low, a few pips doesn’t matter that much to me — especially when a 1000 pip move could be in the offing. By this time tomorrow we will have a great deal more clarity.

That said, I would prefer to be short here as I’m expecting a move to 1.2900 (at least) in Asia-Pac trading.