Large option contracts expiries have helped drive the pair lower 17 Aug
I've highlighted the option contracts in various posts today and warned they would provide EUR supply into 1.1790-00 and the mission now appears to be complete if these lower levels can be contained until 14.00 GMT expiry time.
A test of yesterday's lows can't be ruled out but the 1.1700 expiries will be defended from the other side. Remember that these are "vanilla" options so still in play right up to expiry at 14.00 GMT on the day even if breached in the meantime, unlike barrier options which cease to be once hit. The actual amounts can change right up to expiry.
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General USD demand ( DXY up +0.4% and now on day's highs) and EUR supply on less-hawkish Draghi/ECB expectations have also seen GBPUSD fall back to 1.2875 ( I hope you took advantage of that algo-led spike to 1.2910 post UK retails data ( bles 'em!) but falls limited by EURGBP down to 0.9088
EURJPY on session lows of 128.77 and that's helping to stem USDJPY rallies in its climb from 109.80.
EURUSD 15m
