EUR/USD: Shallow Bounces but 1.2980 Holding

EUR/USD has settled into a quiet range, licking its wounds after falling sharply after the very firm US employment report. Sovereign buying is rumored around the 1.3000 level and below while stops are eyed on a break of 1.2980. There is some speculation a move to the downside could come at the 16:00 GMT London fixing as overlay-type accounts and asset managers react to the fresh ground seen in the market today. Rebounds are seen limited to the 1.3050/55 area near-term but small stops from intraday shorts are eyed just above.