By Jeremy Boulton — Jan 20 - 02:22 AM
EUR/USD is slowing moving towards mid-point of 20-day Bollinger at 1.2202
Pair peaked at upper band in early Jan, based at lower band this week
Dip resulted from recent accumulation of expensive longs IMM/FX
Seems washout of those bets has been completed, rebound ensues
Rally began immediately after pair met minimum correction for Nov-Jan rise
38.2% 1.1602-1.2349 rise was 1.2064. Low was 1.2054 EBS
38.2% drop from 1.2349 is 1.2167. A point for day traders to pick tops
50% 1.2202. Close over may signal move to news highs, target 1.25-1.26
EUR/USD Click here
EURUSD Click here
Source:
Refinitiv IFR Research/Market Commentary