Flew through resistance in the 1.2750/60 area and surged as high as 1.2787. A close above that area might suggest a more significant corrective bounce ahead.
The bounce from ahead of 1.2626 support at 1.2640 this morning suggests that area is now an even more formidable zone.
Looks like a sudden case of cold feet ahead of the G8 summit this week. If that is the case, we may see weakness early on Monday as the market puts bearish EUR/USD bets back in place.