Very large selling at the 11:00 am fixing is getting the blame for the slide in EUR/USD from 1.4485 to 1.4305 in under 10 minutes. The moves seems particularly strangle given that asset managers were the once who sparked the rally to 1.4485 and they are usually the most active players at the fixing. Expect liquidity to only get worse for the balance of what remains of the year.
Technically, the move through 1.4345 has shaken the bulls and spurred more profit-taking from the trend follower-types who piled into EUR/USD over the last week. 1.4190 and 1.4165 are support levels below the market.
