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May 09 - 04:55 AM

EUR/USD - This Is Likely The Start Of A New EUR/USD Trend

By Jeremy Boulton  —  May 09 - 02:35 AM
  • After counter trading a EUR/USD fall for months, traders turn short

  • By May 2 traders had flipped to a short position

  • EUR/USD reached 2022 low at 1.0470 Apr 29 bounced to 1.0642 after Fed meet

  • EUR/USD down 1.2266-1.0471 as consequence of expected changes in Fed policy

  • EUR/USD shorts, which are currently tiny, are likely to grow much larger

  • Next targets for trend influenced by policy are 1.0218 and 0.9956

  • There is potential for a record short position to grow before EUR/USD bases


EURUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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