Written by FastBrokers House
EUR/USD down at 1.3840 from early 1.3875, but off session low 1.3802. Moody’s came out early announcing they’d downgraded Spain. Stops through 1.3840 and 1.3830 tripped in quick succession on way to 1.3802.
Middle Eastern buying resurfaced around the lows and that was that. Much talk of sizeable buy order placed down at 1.3800.
Trailing intraday buy stops above 1.3850 have just about survived subsequent rebound, with trading having gotten rather lacklustre after early fun and games.
More sell stops now seen through 1.3790.
Cable pretty much unchanged at 1.6160. Early sell-off tripped stops through 1.6140 on the way to session low 1.6121 before recovery. Large UK corporate seen notable buyer around lows.
USD/JPY pretty much unchanged at 82.90. Talk of semi-decent sell interest up at 83.00 (at least half a yard) so far capping rally attempts in a rather disinterested market. It’s not as though half a yard is that much, certainly for USD/JPY.
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