Traders report talk of a few sizable sell orders from central banks on the move lower this morning. One report had the Indian central bank selling a half-yard of EUR/USD while another had China doing the same. Typically these guys pick a level and sit on the offer but today they were out smacking bids. Along with talk of SNB interest in USD/CHF and Banque de France selling in EUR/USD in the 1.4580s earlier, It sounds as low the market is being sent a message: Cool it.

A drop below the 1.4445/60 area will be our signal that the rally is over for the medium-term.