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EURUSD: Accelerates Weakness on Break of Intraday Support

EURUSD

Follow-up EUR sales help pressure EUR/USD again to a new daily low - with volumes crossing in currency futures markets that rival those seen on the back of the weekly IJC data. Close to 2,000 contracts traded inside 60 seconds at the low of 1.0882.

  • We wrote earlier that demand for upside insurance via calls was the dominant flow in options space despite spot weakness. That remains the case into the NY crossover as $1.80 in calls trade for every $1 in puts so far on Thursday. Sizeable options interest for today's cut remains lower - with E2.7bln rolling off at 1.0840.
  • 15min candles show support at 1.0893 (the 50% retracement of the rally off the Aug1 low) being tripped to accelerate the latest weakness. This isolates 1.0866 as the next intraday support - the 61.8% Fib retracement for that upleg.
USCEEMEABulletGlobalForeign Exchange BulletsRegionNorth America

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