This will be an important pair to watch this morning. There is supposedly a big barrier at 97.00 with one reliable source reporting almost EUR10 billion in stop-loss sell orders just below there but two other equally reliable sources saying they have not seen any such stop-loss orders. Generally speaking, the big players will have similar order books, so this is a bit confusing.
I’d say this is a market where we need to be reactive if volatility picks up rather than relying on any particular news or views. The trend remains ueber-bearish so selling rallies is still the ideal strategy.
