The poor employment report has helped spark a short-covering bounce in EUR/USD which in turn reinforces the strength of the Fibo support at 1.4190. The move back through 1.4315 signals a near-term bottom is in place and an eventual drift toward 1.4375/85 should be seen. Given the forced nature of much of yesterday’s selling we’d suspect there are still stale longs who well sell into strength today. Punts to the lonside are now safer with a break of 1.4190 now a logical stop-out point.