EUR/USD is holding north of session lows despite US shares falling nearly 4% intraday. Cable managed a new low on the day against that backdrop but EUR/USD has stabilized at 1.2560 thus far, marginally above the overnight low at 1.2547.
Markets remain reluctant to push EUR/USD to the downside too aggressively for fear of running into support either from options players like China (rumored to have barriers at 1.2500 that could be protected) or the ECB itself, potentially propping EUR/USD up for fear of a currency crisis breaking out to accompany their financial crisis both within the eurozone (Ireland, et al) and within the wider European Union (Hungary, et al).
EUR/USD trades at 1.2591 from lows at 1.2560 on this latest push. 1.2630/35 remains resistance on rebounds intraday.
