Should the sharp slide in EUR/USD be putting in a near-term bottom (and the longer we hold above 1.48 the more likely that is) what sort of retracements should we be looking at? The big picture suggests a bounce toward the 1.4955 level where the 23.6% Fibo of the 1.6047-1.4630 decline comes in. A pair of tops in the 1.4965/80 area also make that a level for stale longs to look to unload some inventory.

Oil has surged through the $119 level, undermining the dollar. CNBC is blaming jitters over Russia as the catalyst.