The minute EUR/USD runs into a seller the market automatically assumes it is one of the usual central bank sellers. I’ll go out on a limb and blame the SNB as they have been frantically trying to diversify their euro-heavy reserve portfolio for months, selling EUR/USD on rallies and buying all manner of currencies like GBP, AUD, CAD and SGD if recent reports are to be believed.
We’re back to 1.2150 after a second stall on the approach of 1.2170.
