1.2880/1.2950 still containing EUR/USD

By: Jamie Coleman

A relatively quiet consolidation this morning despite the news that Monti will speed his exit from the premiership of Italy. Small stops are gathering above the tough area of resistance at 1.2770. A short-term bottom would likely be in place if we can break and hold above 1.2970. Central bank demand is rumored below the 1.2900 level, down to 1.2880.