Adds they to headline
EUR/USD longs were a great bet, but recent buyers, and there have been many more of them, have seen far more modest returns.
Between June 22 and July 31, EUR/USD rose 740 pips.
The number of longs rose around EUR 6.5 billion in that period.
Since the end of August, EUR/USD has stretched the 2020 peak by 90 pips.
The number of bets on a rise has grown by a further 8 billion.
Bets on a rise are now bigger than any other EUR/USD gamble in history and every other similarly sized bet has had the same result, a meaningful correction.
That means it's worth taking profit and even top picking is worth consideration.
Those who short EUR/USD at current levels have a big point to shelter stops.
The top of the monthly Ichimoku cloud, which is a 50% retracement of the drop from 2014's high at 1.3995, is 1.2167 nL1N2FY06X.
In comparison, the minimum objective for a correction of this year's rise is 1.1477.
For more click on FXBUZ