Stop-loss sell orders in EUR/USD below 1.2875 were the target this morning and they have been done, with lows at 1.2853 registered in the interbank market. Prices have now recovered moderately, back to the stop-loss level. ‘Market wisdom’ tells us that Monday morning gaps caused by stop-loss hunts will be closed before the day is out; but like all ‘rules’, there’s always an exception.