Traders were similarly positioned last year and EUR/USD broke above similar levels as it rallied from 1.1065 to 1.1913 in 45 days.
While the next rise may be slower it could easily be similar in extent. nL1N2MF0G7
There's a good chance the pair will rise more slowly this time.
Volatility has dropped and there's no news like last year's the European Union's rescue plan, but positioning now suits a rise and techs continue to support bigger gains.
The biggest change in favour of a rally is the change in betting.
Two-thirds of last year's record long bet has been trimmed without changing a bullish situation.
Bullish signs are powerful.
EUR/USD rose to 1.2080 this week meeting the 50% Fibo target drawn off the November 2020 low, January 2021 peak and the March 2021 low, which was 1.2077, swiftly after almost reaching the minimum objective to correct its 2020-2021 1.0636-1.2349 rise at 1.1695 on March 31.
Next targets are 1.2166, 1.2451 and 1.2913.
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