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Mar 08 - 04:55 AM

EUR/USD - If EUR/USD Traders Haven't Sold Pair May Drop Much Further

By Jeremy Boulton  —  Mar 08 - 02:45 AM
  • USD soars in wake of Powell testimony nL1N35G0EK

  • Peak for U.S. tightening cycle rises towards 5.75%

  • Interest rates now seen 5% or higher until June 2024

  • At start Feb EUR/USD traders bet $22 billion on a rise

  • They added to longs in wake of the NFP shock nL1N35E0GV

  • They were buying into a falling market as pair slumped 1.1034-1.0533

  • Since Powell EUR/USD has fallen to 1.0524 EBS

  • If traders still long - and very likely are - risk of drop heightened

  • Target for min tech correction Sep-Feb rise is 1.0459


Source:
Refinitiv IFR Research/Market Commentary

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