The rally out of 1.4413 lows stalled just shy of the topside cluster of stops in the 1.4455/60 area. We reached 1.4454, so it looks as though the lads gave it the old college try to trigger stops but failed. A German bank has been a steady seller into rallies throughout the session, traders report.
We’ve drifted back into the 1.4440s, so odds are Asia will play the afternoon range set by New York for a while while figuring out which stops are more vulnerable. Those at 1.4455/60 or below 1.4400…
