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May 19 - 03:55 AM

EUR/USD - This EUR/USD Drop Is A Much Needed Correction

By Jeremy Boulton  —  May 19 - 03:00 AM
  • EUR/USD rose rapidly and far between Sep and Mar (0.9528-1.1034 EBS)

  • Thereafter pair stalled eking out tiny gain to 1.1096 as traders grew longer

  • There was a $6bln rise in bullish bets for 62 pips of fresh gains

  • Net long almost $25bln is a reverse indicator nL1N37F0J9

  • Rally became stretched with pair above peak 20-day/week Bollinger bands

  • Pair is yet to reach min target for tech correction of this rally

  • A drop to 1.0497 might lay foundations for bigger gains

Refinitiv IFR Research/Market Commentary


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