• EUR/USD was falling from 1.2084 toward 1.1700 before Iran conflict

• The 1.0125-1.2084 rise had become stretched and traders very long euro

• A minor correction of that rise was highly likely to unfold

• The target for a minor correction is 1.1336

• Traders long euro before this week's rally are likely longer of euros now

• While war endures there is a heightened chance that pair reaches 1.1336

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EURUSD


(Jeremy Boulton is a Reuters market analyst. The views expressed are his own)