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Thomson Reuters
Jul 05 - 07:24 AM
EUR/USD - COMMENT-EUR/USD Shorts Pressured As ECB Is Back In Focus
First appeared on eFXplus on Jul 05 - 05:10 AM

The steady build-up of EUR/USD short positions traded on the EBS since June 27 looks vulnerable to a near-term squeeze.
Media reports that the ECB may be preparing to raise interest rates by next September or October and strong German industrial orders nL8N1U10R9 helped EUR/USD hit its highest level since June 26, at 1.1711.
Trading on Thursday saw the second-largest one-hour gain of July so far, reinforcing the risk that EUR/USD shorts will face further upside pressure.
There's growing room for EUR/USD gains above the 1.1755 Fibonacci level, a 23.6 percent retracement of the 1.2556 to 1.1508 2018 fall.
That may pave the way to the 30-day upper Bollinger band, currently at 1.1806.
EUR/USD is on course to register a daily close above the 30-DMA, currently at 1.1664, which would add to the underlying bullish market structure.
EUR/USD's event risks include the release on Thursday of Federal Reserve minutes for its June meeting and U.S. non-farm payrolls data on Friday nL1N1TZ079.

EUR/USD EBS Flow Chart: Click here

EUR/USD Fibo Chart: Click here

Source:
Thomson Reuters IFR Markets

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