EUR/USD is slowly rebounding, now up to 1.2080 from 1.2045. It very briefly dipped below the 50% retracement of the recent bounce from trend lows at 1.1878 earlier this week to trend highs of 1.2153 first thing this morning.
A bottom? A narrow consolidation in a strong downtrend? I have to vote for the latter until proven wrong. A move well above 1.2210 is needed next week before we can even discuss the possibility that a bottom is in place.
Cable bottomed at 1.4506, the 61.8% retracement of its 1.4350/1.4760 rally. It trades now at 1.4518.
