Stocks continue their come back, now a mere 0.2% after opening almost 3% lower. EUR/JPY is higher, as one would expect while the other usual suspects are in better shape, like AUD. Cable is a laggard as EUR/GBP bounces with EUR/USD. EUR/GBP i s up to 0.8570 from early 0.8510 lows, AUD is at 0.8215 from London lows of 0.8067.
Look for traders to start talking about a double bottom in the 1.2145/75 region if we can move back up through the 1.2350 area. Technically, we need to break nearly 1.2700 before my favorite pattern is in play…
We trade just below trendline resistance in EUR/USD, now at 1.2333.
