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EUR/USD: traded back above the pre-NFP levels early on the back of the broad-based dollar correction.

Thursday we proposed the idea of a bullish triangle consolidation to mark wave-4.

The Friday/Monday reversal in Euro was a strong signal that prices are attempting to mark a near-term bottom.

Into the North American open, the USD is strong, equities are weak and yields are lower in the U.S. but higher across Europe.

The hits keep on in the headlines for the Euro as much weaker than expected German Industrial data

While the Swiss has rebounded from the early October lows, fundamental headline flow remains in the bear camp.

Comments from Japanese officials fueled upside follow through in the Yen and

While the Dollar has fallen back sharply from its recent highs it was able to respect recent consolidation support of 85.76.

The Canadian has forged a technical bounce off the recent lows but we see no reason to think the upside action will be extended.

The slack economic information flow continues with the UK posting slowing August Factory orders data.

Today’s highlights: EURUSD trend remains lower while capped below

EUR/USD has risen sharply after havingreached the 1.2500 psychological threshold.