Bounce is developing nicely, rally over the 1.5400 handle significant. Rate holds opening range on the fall-back; solid sign of no sellers left. Rally back from dip under the 1.5400 on stops suggests more losses are coming but a corrective bounce is needed (which is developing now) Support at 1.5280 is firm near-term. Look for rotation higher to end about now—the next 24-36 hours. Rate clears close in stops again.

Strong long-liquidation break is still coming; Watch for two-way volatility. Short-covering rally stalled where expected in the 1.5550/1.5600 area again; look to re-short in that area now.

EURO/USD Daily

Resistance 3:  1.5600/10
Resistance 2:  1.5570/80
Resistance 1:  1.5550
Latest New York:  1.5535
Support 1:  1.5500/1.5490
Support 2:  1.5450
Support 3:  1.5400

Data due Tuesday: All times EASTERN (-5 GMT)

Tentative EuroGroup Finance Ministers Meeting