Dealers note good selling a Mid-East account helping push EUR/USD through stops in the 1.4040 area in EUR/USD. markets have gotten themselves good and long EUR/USD over the last 24 hours and are suffering the inevitable crisis of confidence as medium-term longs continue to lighten their holdings on rallies. We suspect the US investment bank that recommended EUR/USD longs yesterday to such great effect is doing the same.
US equities are losing the steam seen in the futures markets prior to the open on Wall Street. The S&P is up only 0.25% at present after being up about 1.5% earlier.
1.4000 is next support. More stops are clustered below that level.