The latest highs at 1.3047 was taken out and stops were triggered as high as 1.3056 before EUR/USD eased back to 1.3047.
Risk-on is the attitude today with signs of life in the US labor market but surely not strong enough to dissuade the Fed from buying bonds until there ain’t no more bonds to buy.
Signs that Spain is very much interested in applying for a bailout are supporting the euro as well as Spanish yields fall sharply. 10-year yields are 23 bp lower at 5.70% at the moment.
1.3030 is now support on pullbacks. 1.3075/85 is modest resistance.
