If there were any big stop-loss orders within 50 pips of the market then you can rest assured that the early interbank market would have gone for them.
The knock-out option around 1.2900/10 in EUR/USD may already have been taken out according to Dave (who will hop into this seat in a few hours) and it wasn’t as big as first thought. He says the high so far has been above 1.2900 in early interbank trade. It only seemed that there was very large protection on Friday afternoon because turnover was so low.
