It may just be a coincidence but since the ECB’s Nowotny was quoted speaking on the news wires the EURUSD has managed to bounce back to 1.2640 after failing to break below 1.2600.
He also mentioned that the ECB were discussing unconventional measures. Maybe that is the bit the market liked, or maybe we are just seeing some short covering by weak shorts after the failure at 1.2600. Expect sell orders to be waiting below 1.2600 to help it on its way to 1.2500, ZEW permitting of course.
