As I’ve noted a few times, I expect the 0.8000 area to be as difficult to break on the topside as it was on the downside. e had numerous forays to about 0.7990 followed by rebounds on the way down and I expect we will see similar price action on the way back up. Recent price action bears that out. We’ve skidded to 0.7950 from 0.7990 in the last few minutes before rebounding to 0.7970.
A bit of short-covering into the close of European equity trade is helping steady EUR/USD, which trades now at 1.4375 from 1.4327 lows.
