• EUR/USD up from 1.1375 to 1.1475 EBS on Wednesday

• High matches the peak of the 20-day Bollinger bands

• Dip to 1.1435 on Thursday followed by rise top 1.1465

• Traders were betting $6billion on euro dropping

• Short squeeze lifting euro after Fed held US int/rate

• Close over 55-DMA, daily cloud base 1.1495/90 risks bigger rise

• Crowded dollar longs leave currency vulnerable to further unwinding

•
EURUSD


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