Dealers (or algos) had to pay up as far as 1.3522 to get back all of their EUR/USD before running into heavy-enough offers to get their fill. Now that shorts are covered, prices have drifted back to 1.3508.
Choppy markets intraday today and during much of this week will likely see most wearily retreat to the sidelines this afternoon. Expect quiet markets between 1.3490 and 1.3520 this afternoon. A similar story unfolded in cable but London highs at 1.9777 held fast. Prices have dipped to 1.9750 and look likely to trade 1.9740/80 for the balance of the session.
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