It seems that the 1.3100 EUR/USD barrier is owned by one of the bigger Sovereign players so we can expect some healthy defence of that level. The BIS and an ACB were also spotted buying near overnight lows.
Much of the overnight selling was EUR/GBP related with real-money players selling in reasonable size.
Some fairly heavy stop-loss sell orders were also triggered in EUR/JPY with banks reporting hedge fund and CTA selling.
