EUR/USD rally in 2023 faltered close to 1.1272 - 61.8% 2021-23 drop

2021-23 drop was fuelled by U.S. tightening cycle

While US rate seen dropping - chance it returns to zero minimal

The US int rate will probably stop falling around 3.0-3.5%

ECB is expected to ease further - US/EZ gap may not change

Top of 20-month Bollingers is 1.1106 - rally getting stretched

Low option vols suggest a sustained rise is unlikely

Traders must buy many euros to trigger breaks they hope for nL1N3K10HU