FXStreet (San Francisco) - The EUR/USD remains to trade below the 1.3400 level despite testing it several times throughout the European session. Now it is at 1.3390.
Early in the day, the EUR/USD jumped 50 pips from 1.3355 to break above 1.3390 and tests highs since August 5 at 1.3408. However the pair was unable to hold levels and it retraced to 1.3380.
Currently, EUR/USD is trading at 1.3391, up 0.21% on the day, having posted a daily high at 1.3409 and low at 1.3344. The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bullish.
"Reports of very large 1.3400 option expiry at today's New York cut, said to be 2.16 bln. Big enough to exert some gravitational pull I guess," comments Gerry Davies from FXBeat. "German' supply noted up at 1.3410/20, buy stops gathering through 1.3420. Downside, buy orders clustered down at 1.3320/40,"