EU:
With the notable selloff during the London session, followed by heavy trading on the downward move during the early US session, no doubt 1.3700 was the level that put the heebe jeebies into the bulls! But the longer they can keep this high, the more opportunities they can manufacture to coax others into taking their long positions off their hands, so they can switch to the balancing short side positions.
Warning: Speculation.
With the notable selloff during the London session, followed by heavy trading on the downward move during the early US session, no doubt 1.3700 was the level that put the heebe jeebies into the bulls! But the longer they can keep this high, the more opportunities they can manufacture to coax others into taking their long positions off their hands, so they can switch to the balancing short side positions.
Warning: Speculation.