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Dec 30 - 12:12 PM
EUR/USD - Probes 61.8%, August Highs, Spec Shorts At Risk
First appeared on eFXplus on Dec 30 - 10:15 AM
  • EUR/USD's probing 61.8% of the June-Oct drop at 1.1208

  • USD broadly weaker, but more so vs haven CHF and JPY today

  • China confirming trade deal with US nFWN2940EH helps big exporters

  • Dec's prior 1.1200 peak (then 50-WMA) pierced with 1.1211 current high

  • Key 50-WMA and 200-DMA at 1.1181/42 are now supports

  • EUR and Bund yields bolstered by ECB's Schnabel comments nL8N2941YZ

  • August's 1.12495 high next. Weekly Cloud base & 76.45 at 1.1284/86 key

  • 1-mo vols surging after making record lows, shorts caught off guard

  • IMM net shorts still plentiful, fuel for a further squeeze

Chart: Click here

Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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