Another foray into the 1.3650s followed by a bounce

Dealers are having no luck pushing through the reputed central bank bids in the 1.3650s and getting to the juicy cache of stop-loss sell orders lined up on a break of 1.3640. If we don’t break to the downside in the next hour or so, expect a modest recovery in EUR/USD this afternoon.

The BIS is the culprit on dips into the 1.3650s, we’re hearing from the Street.