• EUR/USD is overbought at 1.1532 peak 20-day Bollinger Bands

• Pair is above the 1.1470 top of the 20-month bands

• Traders have been buying and adding to bullish bets since April

• The euro has been perceived safer than the US during trade war

• Global reserve currency is safest asset in a truly risk averse situation

• Rising tensions with Iran could underpin U.S. currency

• Higher oil weighs EUR/USD, Brent hit $71/bbl this week $13/bbl above May low

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