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Jun 22 - 05:55 AM

EUR/USD - COMMENT-EUR/USD Traders Did Well Until They Upped The Stakes

By Jeremy Boulton  —  Jun 22 - 03:35 AM

Since EUR/USD traders began to bet more money on a rally, the pair has stalled and is now not far from the level where traders began to raise the stakes.
Not long ago traders were doing well.
They first bet on a rally in March and endured a lot of downside pressure without baulking but barely reacted when the pair bounced.
By the time traders decided to bet bigger on a rally, EUR/USD was heading above 1.11 and had topped out before many of the new long positions had been added.
New bets are substantial with $6 billon added in total 5 billion of which were established after EUR/USD had peaked above 1.14.
Risks for those long have grown with the pair closing below the weekly Ichimoku cloud top and 100-WMA on Friday nL1N2DZ08P.
Adding to risk is a daily Ichimoku cloud twist near 1.09 that occurs close to the end of June when there's reason to expect dollar demand nL1N2DZ099


EUR/USD and betting Click here

Source:
Refinitiv IFR Research/Market Commentary

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