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Jul 01 - 07:55 AM

EUR/USD - Worried EUR/USD Traders Pare Shorts But They'll Probably Sell Again

By Jeremy Boulton  —  Jul 01 - 05:40 AM
  • EUR/USD bounced 1.0381-1.0486 EBS last 24 hours while risk aversion rose

  • Traders were profitably short EUR/USD before the wobble

  • Natural to pare exposure when uncertainty mounts nL1N2YI0BK

  • Profitable bets are normally re-established

  • EUR/USD bounce offers traders chance to reenter shorts at better levels

  • Trend is down, fundamentals weighing and USD safer and more liquid than EUR

  • Bonds could attract and eurozone does not have common bond

  • In risk averse times dollar is more likely to attract than euro nL1N2YH0U5

  • Daily cloud 1.0599-1.0767 and 21/55-DMAs 1.045-94 should cap EUR/USD



Source:
Refinitiv IFR Research/Market Commentary

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