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May 12 - 03:55 AM

EUR/USD - Renewed EUR/USD Gains Could Follow This Small Dip

By Jeremy Boulton  —  May 12 - 02:25 AM
  • EUR/USD has flipped from peak to trough 20-Day Bollinger bands

  • Rally was stretched when pair reached 2023 high at 1.1096 on Apr 26

  • Pair is close to target for min tech correction Mar-April rise

  • That target is 38.2% 1.0517-1.1096 EBS rise which is 1.0875

  • Speculators have been keen buyers since September 2022

  • Specs added $4bln during March-April gain increasing net long to $23.8bln

  • Record $31.3 billion long bet was achieved in August 2020 - room for growth

  • Targets for resumption of the rally: 1.1121, 1.1190, 1.1258 and 1.1479

  • Dollar turned south in April which may prove decisive nL1N3790BP

Source:
Refinitiv IFR Research/Market Commentary

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