• Minor EUR/USD correction to 1.0457 follows 1.1214-1.0177 drop

• Rebound fails close to the 2023 low at 1.0448 - base of two year range

• Rally became stretched toward peak 20-day Bollingers and 55-DMA

• Short covering lessens prior restraint of spec bets

• Traders often reestablish bets that have rewarded them

• Resumption of downtrend targets 1.0061 next, then 0.9939

• Oil the unknown quantity that's key for currencies

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EURUSD


EURUSD

(Jeremy Boulton is a Reuters market analyst. The views expressed are his own)