Talk of frustrated US held Dollar longs bailing out following the failure at 1.3100, during the European morning. Reports of patchy selling interest out of New York in the 1.3085-90 area and talk of offers building tight around 1.3100.
Option related offers ahead of further exotics at 1.3110 also touted. On the stop front a leading European player is rumoured to have orders tight under 1.3050. 1.3135 priceline is something to scope into, a 1% moving average band, but tight price action ahead of the Bernanke testimony is likely to limit direction.
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