EUR/USD is consolidating at somewhat firmer levels as equity markets crawl off their worst levels. The S&P is down 1.8% after earlier being down about 3%.
With the market bearish EUR/USD and the market finding buyers above last week’s 1.2143 lows, specs are quick to cover shorts, at least partially, once the downward momentum stalls.
Another round of stops lies above the 1.2270 level while sellers lie at 1.2300. Small stops lie above that level.
