Pretty amazing that EUR/USD can’t even retake the 1.2850 level despite a moderation in the slide in risk appetites.
AUD and CAD have mustered little rallies and cable has put together a decent pop but that move in favor of the pound is a weight on the euro as traders continue to abandon the single currency in favor of the pound. When sterling is your safe-haven, you know you’ve got a problem on your hands…;)
A some point this afternoon I’d expect a move above 1.2850/55 to trigger stops, if nothing else.
If not, we should see a test of 1.2800 barriers before long.