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Aug 10 - 05:55 AM

EUR/USD - For Those Long EUR/USD July Ended Badly

By Jeremy Boulton  —  Aug 10 - 03:40 AM
  • EUR/USD has surged since March but so have bets on its rise nL1N2FC042

  • Pair reached 1.1916 in July but closed 1.1776

  • So pair closed below 1.1823 a 61.8% retracement of drop from 2018 peak

  • Pair closed below 100-MMA which is now 1.1870

  • Last major EUR/USD rally failed close to the 100-MMA

  • In 2018 EUR/USD reached 1.2556. The 100-MMA was 1.2547

  • This is a strong EUR story not one of a weak dollar nL1N2FC04G

Source:
Refinitiv IFR Research/Market Commentary

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