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Oct 02 - 04:55 AM

EUR/USD - There Are Still A Lot Of Longs Weighing EUR/USD

By Jeremy Boulton  —  Oct 02 - 02:35 AM
  • By Sep 26 traders were still betting $13 billion on a rise

  • IMM traders' largest bet is little changed from 13.6 bln on Sep 19

  • Between Sep 19 and Sep 26 EUR/USD dropped 1.0676-1.0562 EBS

  • Pair flirted with 2023 low at 1.0482 on Sep 27 reaching 1.0488

  • Following recovery reached 1.0617 - Oct 2 range 1.0558-72

  • Losses or loss of profits may encourage further unwind of longs

  • Next targets for a deeper correction are 1.0461 and 1.0280

Source:
Refinitiv IFR Research/Market Commentary

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