Forex technical analysis: EURUSD bounces off the 1.1200 area.
Close resistance at 1.1233-40 area
The EURUSD tumbled in London morning trading about 24 hours from the ECB decsision. The fall saw the price move below the 100 hour MA at 1.1250, pick up steam, and head below the 200 hour MA at 1.2184 before finding support buyers (/sellers) ahead of the 1.1200 level. According to Mike there is 2.83B expiring at that level. If you are a seller of options the biggest payoff is if the price goes out at the strike price. The options expire worthless at the strike price (are options sellers bullying the buyers?. Anyway, buyers showed up against the 1.1200 level and we are seeing a little rebound.