EURUSD

This chart explains a lot on eurusd story institutional traders. Chinese central bank was seen selling above 1.31000. ACBs were reportedly aggressive buyer of eurusd at 1.3080 and a sovereign was also seen buying near 1.3050, all linked to USD recycling by central banks protecting their local currencies. Currently we are above resistance level at 1.2996 area where there was a broken counter-trendline, stops were seen gathering below 1.2990. If we firmly break below 1.2990 we might have a short-term top in place since the earlier breakout higher would have been invalidated. Bids were at 1.30000/5. Resistance is up at 1.3080 ahead of stronger resistance at 1.3150/70