After slipping as low as 1.3414 around the fix of the 15:00 GMT fixing, EUR/USD has been in recovery mode. Traders got short ahead of the fixing and it looks as though there may not have been enough EUR/USD sell orders to fill them in.

Talk of sovereign buying interest has been heard on dips all morning and equities are cutting their losses a bit, leading some to cover EUR/USD shorts. Look for the covering to accelerate if we get back above 1.3460, where small stop-loss buy orders are situated.