EURUSD rallies from the overnight lows to 1.1235

As Mike has already noted on the options board, there's some decent size around the 1.1180/1.1200 area (there's an update to the 1.1180 options). Chatter in the market from Asia said that options players were in before London opened and desks in Europe and the Middle East say that gamma traders have been helping to push the euro higher this morning also

For you guys and girls on the ForexLive course, tomorrow Mike will be delving into the options and orders world in more detail and will no doubt have a few tales from the battlefields. For anyone wishing to view some of our education related posts, and be notified about further courses then have a look at our education page

EURUSD H4 chart

The euro faces it's first big resistance at 1.1290 but looks likely to encounter some in a fairly tight range through 1.1240/50/60/80

EURUSD 15m chart

One of the reasons being touted for the drop in the euro over the last day or so has been traders hedging their profits in the stock market. Although this is after the event news, it does prepare us for seeing some of that unwind if we see stocks suffering equally big losses. Not something we can trade on now but something to be aware of if the euro starts rising while stocks crap out