EURUSD triggers next lot of stops down to 1.3703

EURUSD triggers next lot of stops down to 1.3703

From forexlive.com

1.3710 demand now history and the stops that I highlighted earlier have triggered further selling. More buyers seen between 1.3685-1.3700. Euro lower across most pairs with EURJPY also capped by USDJPY 105.50 barrier option defence.

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Jan 2, 2014 6:39am

The Euro banks ran up the euro on the last banking day of the year to make their end of the year/quarter books look good. Price is now retreating from those points back to where it should be. Then we will see what fundamentals will drive it up or down. The run up was a false run-up and the down now is the correction.

michaelpelly

Jan 3, 2014 12:17am

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Quoting nanningbob

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The Euro banks ran up the euro on the last banking day of the year to make their end of the year/quarter books look good. Price is now retreating from those points back to where it should be. Then we will see what fundamentals will drive it up or down. The run up was a false run-up and the down now is the correction.

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Pretty much the same picture with the cable. But bearish bias still eludes.

Chest2Tank

Jan 2, 2014 5:51am

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I'm curious, are these CME FX options this guy is referring to? Also, would those be current month contracts?

It would be an interesting study to check the option book against the spot market for the type of trading I do.

frx_trader

Jan 2, 2014 10:50am

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Soon Merkel will complain. Look at DAX down 2%.

Jj1459

Jan 2, 2014 9:49am

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Euro got hit at the start of new year.Might not a be a good sign for it's luck for the remaining year.

Maso

Jan 2, 2014 11:03am

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There is no bear sign as PMI is above 50. EUR is targeting 1.40

Crucifix

Jan 2, 2014 6:28am

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Quoting Guest

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Be careful at 1.3660 because the bulls are laying ambush to slaughter the bears there.

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Now the time for bear party ''''' 2014 is only for Bear

GawieleRoux

Jan 2, 2014 9:36pm

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Quoting nanningbob

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The Euro banks ran up the euro on the last banking day of the year to make their end of the year/quarter books look good. Price is now retreating from those points back to where it should be. Then we will see what fundamentals will drive it up or down. The run up was a false run-up and the down now is the correction.

Ignored

I agree, in my opnion the $ will strengthen for today still until the rate is back to about 1.36