Thus, please remember that when the EU comes out blazing with their big plan to "defend the euro" on Sunday and the Euro bounces, it will not be because of the announcement, but because technically and sentimentally it was ready to bounce anyway.
Certainly it will be very revealing if the Euro and stock markets do not bounce.
Yeah, good call I think. The market, as well as other pairs, should get some money poured back in when e/u reaches this critical level. Remember though, the euro is still very weak, and this won't mean for certain that this pair in particular will bounce. Previous levels that I have followed have brought some strong bounces to other pairs, while e/u just consolidated around the levels. I'd still personally rather long a/u, or something. Regarding the euro news, remember last annoucement, the eur gapped up, and then quickly got slaughtered. They can talk all they want, but I personally think it means nothing more then that they are desperate.