The steam is coming out of the euro rally quite quickly after a heavy round of short-covering for much of the morning. The price was unable to establish itself above the 100-day moving average (today at 1.3125) and stalled around the 1.3135 level from which the plunge to 1.2964 unfolded.
Looks like the bounce was just enough to squeeze out some of the late comers to the EUR slide.
Stops will likely build now in very good size above the 1.3150/60 area…Modest support is down at 1.3050/55 near-term.
