So, was there an intervention in the euro or not? A very solid move in the euro occurred at the 1.2350 level, moving the EUR/USD pair up 250 pips before stalling at 1.2600. The US Treasury Department declined to comment with regards to possible intervention, leaving us to believe that there is evidence of sovereign states showing support for the 16 nation currency. Even so, the euro managed to retrace 38.2% of the big move, but more interestingly, the evidence gets stronger once we take a look at the CHF, that although had a 100+ pip range, ended up closing at previous days levels. At this point, it will be interesting to see if the markets are confident in the euro or if they will reject yet another attempt at a rally.

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