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Aug 31 - 03:55 AM

EUR/USD - Month End Bid And Weak USD Face Record Spec Long, Barriers

By Richard Pace  —  Aug 31 - 02:20 AM
  • Bank models were forecasting strong month end USD sales vs EUR nL1N2FU0OD

  • Weak USD underpins, EUR/USD extends Fri's 1.1920 high to 1.1930 Monday

  • Resistance 19-18 Aug highs 1.1952-66 before huge 1.20 option barriers

  • Record spec IMM EUR/USD long grows more, crowded trade a bane for bulls

  • Without a renewed catalyst - further EUR/USD gains may prove a struggle

  • Options are on alert - increased volatility and upside premium nL1N2FU0C4

  • EUR 1.5-billion 1.1900 vanilla option expiry can attract Monday nL1N2FX03C



EUR=EBS Click here

EURUSD IMM speculative long position Click here

Source:
Refinitiv IFR Research/Market Commentary

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