I was wondering what caused EUR/USD to turnabout so quickly after the China rumour/Ifo-induced rally had taken us back to around 1.3925/30. We slumped back below 1.3900, tripped stops through 1.3880 and got to session low 1.3858 all in the blink of an eye.
Well a large part of the reason for the slump apparently is an aggessive Middle Eastern seller entered the market. They call them “drive-bys” Seems to be happening an awful lot this week. Entity just shows up and dumps or lifts currency pairing in very sizeable amounts.
The tendency is to come in against the prevailing trend at the time catching the market on the wrong foot and scrambling for cover. As a contact just said, it seems to happening more and more. Happy Dayz!!!!!!!!!!!!!!!