IMM data for the week ending June 2 saw an equivalent long EUR/USD cash position rise to 10.2 billion euros, from 9.4 billion euros the previous week.
However, EBS data since June 2 shows traders may well have exited many of those longs.
That means remaining longs are in great shape going into the U.S. Federal Reserve policy decision on Wednesday, as there are probably fewer associated offers and sell stops around to hinder the next leg higher.
The euro has climbed and the dollar dropped amid some speculation the Fed will take steps to curb a recent rise in bond yields in a policy decision later in the day nL1N2DM1RK.
EUR/USD registered another daily rise above the 1.1292 Fibo, a 76.4% retrace of the 1.1495 to 1.0636 March drop, reinforcing the underlying bullish technical outlook.
Fourteen-day momentum has been positive for 12 days in a row.
Scope grows for eventual gains to the 2020 1.1495 peak posted back in March.
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