Traders report US real money accounts (asset managers, pension funds, etc..) buying EUR/USD on the dips this afternoon. In all likelihood, real money is underexposed to EUR relative to their benchmark given the lousy headlines of recent weeks. Like the rest of the market, they may need to chase the market higher if EUR/USD continues the recovery of recent sessions.
EUR/USD has recovered to the 1.2236 level from New York session lows of 1.2216.
