EUR/USD has effectively reached 1.1695, 38.2% rise since Mar 23 2020

This is the minimum objective for a technical correction of the uptrend

To date the correction has been driven by unwind of longs nL1N2LS0EO

If the sell-off is to continue traders will have to short EUR/USD

EUR shorts to fund investments are more likely than EUR/USD shorts

U.S. yields have only risen a 2bps in past 2 weeks

EUR 1 year forward swap has slipped slightly this year, less weight EUR/USD

USD in focus but core of movement is related to risk/stimulus nL1N2LS0DG