At least not yet anyhow

Ryan has posted on the possible reaction by the ECB to the better PMI data this morning and I too think that we have a decent rally ahead for the euro barring any really unexpected bombshells

But the big question is where from ?

I've delayed any entry as yet but remain an interested observer. The barrier option at 1.0600 that I highlighted earlier is interesting though and it's my considered view that this has a pawmark of the Giant Panda (PBOC) over it in much the same way as those I highlighted back in June

That time it was uncertainty over Greece that was causing problems for the euro and this time it's the ECB and on-going threats of further QE/depo cuts

I don't know what the expiry on this latest interest is and it may well be breached/knocked out anyway with the euro ignoring better PMI data and softer equity markets to crawl around 1.0620 again from 1.0644 highs but it's significant nonetheless imho

Expect a good defence but beware stop loss selling should 1.0590 give way. Offers into 1.0650 should cap in the immediate term with large option expiry interest at 1.0700 today to potentially cap further moves should any decent rally ensue