A move back above the 1.2970 level could set of a bit of a short squeeze this afternoon, Given that Europe has wrap up trading for the day, thus stanching the bleeding for now, a pop in US equities can’t be ruled out either.
Small stops are seen above 1.2970 with sellers now at 1.2900; more small stops are seen above 1.2915.
Buyers are seen on the approach of the 200-day average at 1.2827. Stops kick-in below 1.2820.