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Sep 02 - 03:55 AM

EUR/USD - 21-DMA In Focus After A Surprise Reverse

By Jeremy Boulton  —  Sep 02 - 02:15 AM
  • EUR/USD broke 1.20 (1.2014 high EBS) and dropped swiftly to 1.1892

  • Spec longs are the prime suspect behind the turn. Longs are huge

  • Most likely 1.2000 triggered a wave of profit taking and resulting drop

  • Trend remains healthy. A correction could strengthen it

  • Question is how deep does the correction run?

  • First level of note is 21-DMA at 1.1842. Widely used by tech traders

  • 50% retrace of most recent rise from Aug 21 low @ 1.1755 is 1.1884

  • 61.8%/76.4% same move 1.1854/1.1816. Expect buyers ahead stops below all

EUR/USD Click here

Source:
Refinitiv IFR Research/Market Commentary

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