• EUR/USD rose 1.1354-1.1559 where rally became stretched

• The top of the 20-Day Bollinger bands is 1.1533

• Traders built $10 billion short between Jun 30 and Jul 28

• EUR/USD traded below 1.1482 in that period

• Range since Fed/BOJ intervention 1.1500-1.1559

• The 100-DMA is a likely trigger point for buy stops

• Joint action to support yen may be very damaging for US dollar

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EURUSD


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