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Feb 06 - 04:55 AM

EUR/USD - Likely To Slide Further While Traders Book Profits

By Jeremy Boulton  —  Feb 06 - 02:35 AM
  • EUR/USD dropped from 1.1034 to 1.0782 EBS following Fed/ECB/NFPs

  • Significant fall may persuade traders that rally has found its limit

  • Many EUR/USD traders are long, and many of them are making money

  • Decision to pare exposure and book profits likely an easy one

  • Targets for minor corrections of Nov-Feb rise are 1.0679 and 1.0459

  • Corrections for 2023 gains are 1.0758 - 50% and 1.0693 - 61.8%

  • Traders have wagered $18.2 on a rise, selling $25 during the rally



Source:
Refinitiv IFR Research/Market Commentary

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