So, was that it? Did New York throw in the towel and cut EUR/USD shorts out of the gate (and sneak in a few longs to sell into the expected stop-loss fest?) That’s the risk after a powerful overnight rally.
We’ve dipped modestly after stalling ahead of 1.2275 resistance and trade now at 1.2258.
Weak longs will likely bail back below the 1.2250 level (those gunning for the stops above 1.2285) while dip-buyers are seen around 1.2220 near-term. Mid-East central banks are said to be buyers of weakness below 1.22.
