Interbank dealers tell me that there were some quite heavy offers at 1.3570 this morning. Also of interest is that many of the stop-loss orders above 1.3570 are from interbank prop traders and they usually know where the big orders are; they sell just ahead of them with fairly tight stops just above. They definitely have an unfair advantage.
The EUR/USD has started to drift lower as intraday longs pare back. The AUD/USD also failed again at .9830, just as it did overnight, and this level will also now increase in importance.
