Dealers note a flurry of buying in EUR/USD and EUR/JPY from US custodial banks in the last 15 minutes or so. Some of the buying could be covering of “risk aversion trades” EUR/JPY, GBP/JPY and the like, as US stocks bounce from their lows.
1.3850 is resistance near-term while stops are clustered in the 1.3860/65 region. EUR/USD trades now at 1.3835.
