EUR/USD traders have upped bets on a drop, but the total number of bearish bets is still too small to change anything.
Traders are now chasing a deep decline that will surely go deeper before bets upon its extent work to slow the drop.
The total number of shorts jumped the most in one week since March, but bets need to double from the current 9 billion euros, perhaps treble, before becoming too large nL2N26F054.
With EUR/USD at the base of its 2019 range, such massive selling should result in a bigger fall, perhaps through key levels.
If traders continue to hold back, then the number of bets won't ever reach the sizes that affected other bear trends and an extension of the gradual slide is likely to result in tests of key levels anyway.
A crucial level is already close.
If EUR/USD breaks 1.0863.
techs suggest it will fall to 1.0340, the January 2017 low nL2N26F055.