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Thomson Reuters
Feb 14 - 07:24 AM
EUR/USD - COMMENT-Most EUR/USD Bears Can Expect Is A Slightly Lower Range
First appeared on eFXplus on Feb 14 - 05:45 AM

EUR/USD may test the lower end of the current range or even break lower, shifting the expected range, but the scope of a potential decline is not big.
Buying here may be too rich, but soon risk-reward will better favour those buying and seeking a move back to the upper limits of a range that's currently close to 1.12-1.16.
Should EUR/USD break the base of the range, it will fall below the 61.8 percent retracement of the 2016-2018 rise.
That will make a steeper long-term decline more likely, but it's still prudent to look to sell strength and not to sell aggressively with moves to the downside.
Sentiment and the direction of EUR/USD are still likely to swing whenever focus flips between eurozone and U.S. slowdowns.
Where rates strongly back a continuing fall, spec betting favours regular bounces whenever the net short position grows too large.

EUR/USD weekly chart Click here

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