A sure sign that the market is loaded to the gills with EUR/USD longs is the fact that lots of downside protection (EUR puts) are being bought today for expiry tomorrow. What happens between now and then? The ECB meeting and the possibility of a move to quantitative ease.
EUR/USD is calwaing back some of its losses, trading now at 1.3312 after sliding to 1.3270 about 90 minutes ago.
