• On Aug 18 traders were short euros equivalent $8.5 billion

• EUR/USD rose from 1.1353 on Jul 28 to 1.1614 Aug 17

• Pair extended its rise to 1.1711 on Aug 21

• 21-DMA at 1.1562 set to cross above 100-DMA at 1.1575

• If confirmed buy signal may trigger short-covering

• Dollar's big long bet persists, raising risk of deeper decline

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EURUSD


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