We’ve been as low as 1.3124, presently at 1.3145.
Risk-on positions taken ahead of a US fiscal cliff deal have been unwound, with a few funds notable sellers. A US investment bank has also been among notable sellers.
Talk of sell stops through 1.3120 before buy orders clustered 1.3090/00.
Sell orders clustered up at 1.3190/00.
Do I get the sense the single currency is about to enter freefall? No, not really.
If my memory serves me well we saw rather choppy price action at the start of 2012, with market participants quick to book profits. That’s more likely scenario in my book.
