EUR/USD is testing the top of the US session range at 1.4578 but so far has been unable to reach the crop of small stops that lie just above in the low1.4580s. Looks like stale longs are content to sell into strength near-term. More sellers are seen toward the 1.4720 level, traders say with more stops set above that level.
One thing is for sure; there is much more two-way market risk today after a 3 cent correction in EUR/USD than there was late last week when the markets was overwhelmingly long.