EUR/USD has bounced of its lows on weaker US data and growing talk of recapitalization of the euro-zone banks, says HiFX senior trader Stuart Ive. "There are a lot of people citing now that we've come of a bit too fast and we need to take stock a little bit ... I think we've seen the majority of the bounce and we're now at the upper end of the current channel." Pair at 1.2494. He says much of the focus now switches to the ECB meeting. "Are they likely to cut rates? Well I think there's enough out there for the ECB to contemplate it, but whether it would have any positive impact I doubt very much." He puts initial support at 1.2470, resistance at 1.2560.
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