We've heard market talk this morning of a large EUR/USD "double-no-touch" (DNT) option expiry today between 1.2880 and 1.3040. A "double-no-touch" expiry simply means that if price touches either point, then one party automatically loses.
As EUR/USD has been bouncing off 1.2885 on Friday, Monday, and Tuesday, we think there is a good chance that the level will be broken and stops will be run beneath it now that we've come down to this same level today after bouncing off the 1.30 area yesterday. If the 1.2885 support holds, which we think is unlikely, but if it holds then we think a move back up to 1.3250 is likely with Ashraf Laidi's 1.3500 call in sight.
Stops are meant to be run.
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