The sudden reversal in EU and GU shows thin summer markets at their worst. When the first move down happened many assumed it was caused by the Syrian situation. But after this reversal action, it becomes clear in hindsight that the earlier drop was nothing but a big clearing-out of the stops. I expect the pairs to become range bound again after the 10 am NYT options cut.
Can you imagine the advantage conferred to bank traders who know where the big stops are!!
Wait and see.