It’s only a 26-pip bounce from the 1.2920 bottom so far, which is pretty much the definition of a dead-cat bounce.

If you’re looking to buy a dip, look for signs of stability or a successful retest of 1.2925 first.

Some big money flows are going to be fleeing Europe and hedging over the next little while, some might just be waiting for tomorrow’s non-farm payrolls for the next wave. Ultimately, I don’t think it matters whether it’s good or bad because the US is undoubtedly stronger than Europe.