It must have taken a lot of heavy lifting to get EUR/USD through the 1.4000, triggering the newly-minted barrier at that level this morning since follow-through above that level has been nil.
Intraday longs are paring back positions now on the lack of follow-through, sending EUR/USD back to the 1.3957 level so far. A disappointing result considering the upbeat data which typically would have supported “risk” and the buying of EUR/USD…
Small stops are seen below the market in the 1.3945 level near-term. Look for options-related buying from the guy who tried to defend 1.4000 if 1.3900 is reapproached.
