Once again a fair amount of volatility overnight but the main exercise seems to be in triggering stops either side of the market. EUR/USD worked through heavy offers at 1.3820/30, triggered stops above 1.3850 before promptly sagging. We should be prepared for another 2 weeks of this until the EFSF saga moves on to the next chapter. Some big technical levels, like .8800 in EUR/GBP and 1.0380 in AUD/USD, continue to hold and in markets like this I think waiting for big levels in all pairs is the way to go, especially when there’s no news coming out.
Good luck today.
