intereseting - thanks. where did you get this from? seems like a good explanation. 30k size isnt unusual for eurodollar. must have been a nwbie clerk or something entering the orders - 'sell me 30k euro/dollar' lol!! DOH!! it would be interesting to see how the spot market reacted.
I watched it in real time since the down to 1.1875 Then there were two ordinary attempts for 1.19(10) break. The last attempt was very volatile and picked the euro up to 1.1920 in seconds. It seems for sure someone wanted it to be closed daily above 1.1920 level.
The move lower then higher in the EUR on Friday am was the result of an inexperienced clerk who recieved an order to sell - 100k in the Euro dollars ( read interest rate products) and by mistake sold a large amount of EUR currency instead. Roughly 1 hour into the selling the mostake was discovered and the position was liquidated at the market causing a rally top levels higher than the average of the sales. This alone was the reason for the erratic price action and increase in volume from 90k to 205k in about an hour. Ask me how I know. Anyone who thinks 1 individual was trying to manipulate the market (in the futures arena especuially ) with over 2.3 yards ( read billions ) of EUR should not be trading FX as this is out of the realm of possibility unless WWIII starts on EUropean soil.