Traders report significant quantities of option strikes rolling off this week at the 1.2000 level. Interest linked to these strike may see us consolidate our losses in the 1.19/1.20 region for the next few days. EUR dips buys will argue this is a sign of a bottom, while trend followers will call it a consolidation. I’ll side with the later as the downtrend remains very strong.

1.1950 and 1.1900 strokes roll off this morning as well, we hear.