US equities are back near breakeven after falling on profit-taking earlier in the day. Their recovery is helping drag EUR/USD and EUR/JPY up with them. EUR/USD is testing the 1.4180 area below which selling intensified this morning. EUR/JPY is up to 134.00 after a dip below 133.00 at the height of the “risk off” move this morning.
Most impressively, AUD/USD is back above the 0.8263 level, the high for the year until broken earlier today.
Head-fakes to the topside and to the downside in the very same day…Ain’t summer fun?
Look for stops above the 1.4215/20 area if the rebound extends.
