Stops above 1.423, 1.42555 and 1.4270 have all been triggered as EUR/USD bounces from a probe through the 38.2% retracement of the 1.2860/1.4940 rally. The further we bounce, the more the Fibo looks as though it acted as support (more or less).
Next resistance of note is 1.4315, the 23.6% Fibo of 1.4940/1.4123.
The combo of hawkish ECB comments from Belgium’s Coene, a rally is risk assets and a bearish outlook on US banks from Moody’s has helped give the euro a solid bounce from a fundamental perspective.
