Dealers note continued buying of EUR/USD on dips (though the latest dip wa likely a bit deeper than they bargained for…). Prices dipped briefly to 1.2965 before rebounding to the 1.3005 level at present. Offers from the same names are seen toward 1.3040/50 on bounces, traders say.
The one thing we’ve learned in recent months is that New York seems to set the low quite often early in the session and then spends the rest of the day trying to get back the EUR/USD sold in the hole. Looks like today could be a replay of that scenario.
