Rule 48 is being invoked at the open.
What is rule 48? no clue, but it is as a result of expected volatility at the open. I imagine it is a circuit breaker of sorts…
EUR/USD is bouncing back to the 1.2220 after holding session lows in the 1.2170s. 1.2183 was the low moments ago.
Bids are seen in the 1.2170/80 area with stops below 1.2150 and 1.2140.
1.2132 is the 50% retracement of the euros lifetime range.