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Sep 07 - 06:55 AM

EUR/USD - COMMENT-It's Not Too Late To Book A Nice EUR/USD Profit

By Jeremy Boulton  —  Sep 07 - 05:05 AM

There is never a bad time to take profit and EUR/USD traders who have seen the rally stall might be well advised to book some before they are eroded.

The good times seen when EUR/USD rocketed in July are behind us, with too many traders now long for a repeat.
If they are to profit further traders will have to sit and wait, perhaps for a very long time - and patience is a rare virtue among speculators.

The rise has impressed and it is still technically sound but momentum has clearly ebbed and this is probably a good time to think about exiting longs and gauging where to buy again.

There are some worrying signs from oil, and today China stocks, following large dips for German and U.S. stocks last week, that should concern traders too.

Risk aversion usually leads to unwinding of positions.
EUR/USD longs are massive, having been trimmed only very slightly from a record high.

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Refinitiv IFR Research/Market Commentary


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