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Nov 01 - 08:36 AM
EUR/USD - COMMENT-EUR/USD Shorts Should Remember We Are In November
First appeared on eFXplus on Nov 01 - 06:25 AM

EUR/USD has risen in 12 of the past 19 Novembers, meaning a close higher is likely this month.
Seasonality trends should not be considered in isolation, but combined with other factors they can become a powerful tool.
The euro has held recent gains against the dollar on Friday as investors sold the U.S. currency, expecting the United States will soon join the global economic slowdown nL8N27H1QS.
Outstanding EUR/USD shorts remain vulnerable for a further squeeze.
In the week ended Oct.
22, IMM data showed the futures market was short by an equivalent EUR/USD cash position of 6.4 billion euros, down from 9.4 billion euros the previous week.
The technical outlook remains positive, after support was found in early October ahead of 1.0863 Fibonacci level, a 76.4% retrace of the 1.0340 to 1.2556 (2017 to 2018) rise.
The scope is for gains through 1.1275 Fibonacci level, a 23.6% retrace of the 1.0340 to 1.2556 (2018 to 2019) drop.
Related nL2N27E06I


EUR/USD November Seasonality Chart: Click here

IMM Positions Chart: Click here

Weekly Fibo Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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