EUR/USD is down at 1.4890. There have been ongoing reports of continued ACB selling above 1.4900. The ACB is thought to be the same one with the 1.48-1.5100 DNT. Eastern European name and a German bank have also been seen selling good amounts.

The theory, and it’s a very sound one, is that the ACB is selling so as to have ammunition incase it needs to protect the 1.4800 lower parameter.

Talk of buy orders now down at 1.4880. If we manage to get through those, then I’d certainly be looking to hear of ACB bid interest down in the 1.4850 area.

It should also be remembered that there are some big bank/banks out there with a lumpy vested-interest in getting this 1.48-1.5100 structure blown out of the water, and they’re running out of time.