From Barclays:
Lively start for EURUSD as, having closed below 1.0900 and posting a key day reversal, we drop to a low of 1.0802. Leverage and real money names have both been active to a degree although I suspect liquidity is exacerbating the move a little. I stick to my med term downside view although prefer put spreads to express it and on the day, a break back above 1.0900 would likely see fast money covering. Next support 1.0770 before 1.0660.
- There is also talk that EUR/USD ran into demand from Asian central banks at 1.0800-10
- Keep in mind that there is a large option expiry for today’s NY cut (14:00 GMT) at 1.0875 (€1 billion)
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