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Feb 25 - 05:55 AM

EUR/USD - COMMENT-EUR/USD May Begin A Charge Today For 1.26, Perhaps 1.31

By Jeremy Boulton  —  Feb 25 - 03:40 AM

EUR/USD is set to trigger a bullish signal that could see the pair reach 1.2600 and possibly 1.3100 nL1N2KV0IW

EUR/USD has rallied over the daily Ichimoku cloud top at 1.2170, reaching 1.2203 EBS.
Prior closes over the cloud led to two major rallies, in May and November 2020, and it's reasonable to expect a rise of similar extent.

After November's break, EUR/USD rose around 600 points, and after May's break 950 points.
If matched, EUR/USD could easily exceed 2018's 1.2556 high, the 200-month moving average at 1.2622, and 38.2% of the drop from the record high at 1.6040, which is 1.2517, laying foundations for bigger rally.

If May 2020's rise is repeated EUR/USD could push 1.3100 retracing 50% of its prior long-term decline.

The mood to gamble is intense across financial markets, which is fuel for specs to add to an already large EUR/USD bet that may eclipse records.
EUR/USD bulls need a close over 1.2170 today. nL1N2KV0LOnL1N2KV0K3


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Source:
Refinitiv IFR Research/Market Commentary

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