Traders report there are about $250 mln on offer between the 91.95 and 92.00 level. These are substantial amounts, but not huge. As we saw earlier, $250 mln was hoovered up at 91.50 like it wasn’t even there…
Given how aggressive the buying has been this morning, it makes me wonder whether the buying was by choice or by necessity (ie stopping out a short). 92.16 remains the key topside level near-term; expect more stop-loss buying above that level.
