Anyone looking for a trend in EUR/USD is wasting their time at the moment and a quick overview of order boards suggests that plenty of bulls and bears are jumping on mid-range, all with tight trailing stop-loss orders; I think they’ll all get stopped out! It’s a good time to be a market maker.
- Stop-loss buy orders nearby directly above 1.3310
- More stops reported above 1.3340 and again above 1.3390
- Some sell orders also reported at 1.3350
- Similar story on the downside with stop-loss sell orders now below 1.3275
- More stops are reported below 1.3240 and 1.3210
- Sovereign bids expected to be significant 1.3170/1.3200
- (Edit: Plentiful expiries later tonight at 1.3300, NY cut, should ensure that spot rate doesn’t deviate too far (50 pips ish)
