EUR/USD tickled the 61.8% correction: 50% retracement of the fall from 1.2672 and failed to establish a toehold above that level and it has scurried lower quickly. EUR cross sales are seen as well, particularly against the JPY despite continued MOF jawboning overnight.
Small buyers are seen in the 1.2500/10 area near-term while a large 1.2500 vanilla expiry is noted in about 40 minutes from now. Often times we gravitate toward large strike prices at expiry…