EUR/USD is in a full-scale retreat after losing support around 1.3900, quickly sprinting through smaller stops just below that level and the larger stops perched “safely” below that level.
Most of the selling is of the “trailing stop” variety, so traders are booking profits, just smaller profits than they would have liked.
Not much in the way of support intraday now until the 1.3800 level but I would not be surprised to hear of Chinese buying, taking back some of the EUR/USD sold to defend 1.4000. Even when they lose they win!
