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The markets showed the power of automated trade after the BOE and ECB rate decisions, with a 200 pip drop in three minutes from cable, and showed why a Stop Loss is important to have in place. With over 95% of orders now contingent on movement in another market, and the majority of moves creating a reaction in another pair it is easy to see how things can sometimes spiral.

Equity markets have found their overnight base, and may offer the major pairs some support from the early dollar buying in the U.S. The ECB Press Conference starts at 08:30 EDT, that is very likely to create more momentum as it unfolds. We will update as things move.