We’ve had two turnarounds in just over an hour. The first on Merkel throwing a wet blanket on the idea of a “solution” of the Greek debt crisis. That prompted a quick 60-odd pip plunge. Turnaround number two seems to be the classic risk-on type rally as US equities surge 1.2%, oil jumps $2.50 and and US yields edge up on firmer US data.
The first turnaround stopped out the longs, the second is stopping out the intraday shorts. It’s an equal opportunity market. Both bulls and bears have been beaten up by the choppy price action.
1.4215/20 is resistance now with more at 1.4250.