Nowotny’s suggestion that the ESM could be granted a banking license prompted a moderate short-squeeze earlier today but the rally has run out of steam and we’ve thus far retraced roughly 50% of the rebound from 1.2054 London lows.
1.2112 is the 50% Fibo, while 1.2099 is the 61.8% of 1.2054/1.21705.
