EUR/USD: Rebounds after Dip Below 1.3100

The market today has degenerated into a search-and-destroy mission: search for stops, destroy them, than move on. Prices dipped below 1.3100, triggering a few small stops but missing another crop at 1.3095. Dealers note talk of Eastern European bids at 1.3085, just above chart support at 1.3075. Larger stops are seen if prices fall below that level. Offers are eyed in the 1.3125 area on rebounds near-term. Expect very whippy price action for the balance of the European session followed by a quiet US afternoon. EUR/USD trades at 1.3108.