EUR/USD’s recovery has reached the 1.2900 area from as low as 1.2807 in the first hour after the stress test results. Since then we’ve had a bit of central bank buying and we’ve also had a robust rally through important 1100 resistance in the S&P 500.
1.2900 is 61.8% of the 1.2794/1.2965 range on the day. We’ve probed above a few times but can’t seem to get much traction. 1.2925 is minor resistance with more at 1.2950 and 1.2965.
Markets are very, very thin this afternoon.
