FXstreet.com (Barcelona) - EUR/USD price action displayed a familiar pattern on Thursday, first being lifted in Europe topping out at 1.2980 only to give back all its gains thru the Noram session, just as it happened on Wednesday, when a test of 1.3020 led to a fall towards 1.2950. The pair rests now at 1.2940 after the mentioned round trip.
According to FXWW Founder Sean Lee, "EUR/USD was corralled overnight by Sovereign orders at 1.2920 and 1.2980 and all the movement in between was driven by stop-loss hunts in the majors. The main culprit was EUR/GBP especially in early London as dealers went chasing stop-loss orders below .8020 and again below .8000. As usual once the stops were done the market bounced. EUR/USD still looks technically bullish, as I think we are in a bullish consolidation between 1.2875/1.3125 roughly."
According to FXWW Founder Sean Lee, "EUR/USD was corralled overnight by Sovereign orders at 1.2920 and 1.2980 and all the movement in between was driven by stop-loss hunts in the majors. The main culprit was EUR/GBP especially in early London as dealers went chasing stop-loss orders below .8020 and again below .8000. As usual once the stops were done the market bounced. EUR/USD still looks technically bullish, as I think we are in a bullish consolidation between 1.2875/1.3125 roughly."
