There was lots of Sovereign interest to sell EUR/USD yesterday during the London session with the SNB and BIS along with an Asian Central Bank and also a Sovereign fund out of the Middle East appearing.
The same names, with perhaps the exception of the SNB, were seen buying dips around 1.2600 in previous sessions.
I think we should be watching for a break outside of 1.2580/1.2730 for signals as to the next decent-sized move.
