• Traders short EUR when plan to release German debt brake sparked Mar 3 rally

• Big bet on euro rising emerged after EUR/USD traded 1.0947 on Mar 11

• Traders short euro equiv $1.3 billion by Mar 4

• Traders net long $1.8 bln equiv by Mar 11 and long equiv $8.1bln by Mar 18

• Since Mar 11 EUR/USD reached 1.0955 then fell to 1.0778 on March 26

• When traders short EUR/USD it fell 1.08 to 1.0125

• Since traders significantly long pair the pair has dropped

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EURUSD

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