• EUR/USD was capped by major 1.0957 Fibo resistance last week

• 1.0957 Fibo, a 76.4% retrace of the 1.1214 to 1.0125 (Sept to Feb) EBS drop

• That increases the risk that the euro could be set for a much bigger relapse

• Those that are bearish should be mindful that 14-week momentum is positive

• Short at 1.0890, stop at cost. Trader . Prev update

• Note dollar longs have thrown in the towel

Weekly Chart:

(Martin Miller is a Reuters market analyst. The views expressed are his own)