Euphoria from the Van Rompuy headlines earlier is already starting to wane after a spike up to 1.2629 following earlier Herman Van Rompuy headlines from the summit, as the market starts to digest just how much that has been said is possible….
Doubts are now likely to dominate the morning’s press releases as the market seizes some opportunity to reload shorts. All eyes are gonna be on the bond markets this morning, and of course some comments from Germany’s Merkel who left the summit somewhat abruptly…….
EUR/USD’s sitting around 1.2575 after a clear out of most stops on the topside, but there should be some sticky resistance up around the 1.2650/2700 area should we get another rally as the London debt markets open.
I’ll update more levels in my orderboard a bit later
Best of luck today