fbpx
EURUSD

EUR/USD – Climbs Amidst Lack of Volatility, Spec Longs Build Risk Pullback

June 30, 2020

The Euro advanced against the US Dollar in subdued trade where volatility was sorely lacking. Speculative long Euro bets are at their largest since early 2018. And we have not seen a decent shakeout of these speculative longs yet. In order for the Euro to have a healthy rally, a pullback is sorely needed. What’s the catalyst? Perhaps today’s month, quarter and year-end rebalancing flows could be the trigger. On the other hand, rebalancing could see demand for the shared currency which would result in a slow grind higher.

FXEmpire EURUSD Advanced 3 M Chart - 30 June 2020
FXEmpire EURUSD Advanced 3 M Chart – 30 June 2020

The Euro finished at 1.1240 from yesterday’s 1.1217. The overnight low traded was at 1.1217. Overnight peak in the shared currency was at 1.12878. Immediate resistance today lies at 1.1285 followed by 1.1305 and then 1.1340. Immediate support can be found at 1.1210 followed by 1.1170. The market’s speculative positioning needs a decent pullback which could be in the making soon. Look to sell rallies in a likely 1.1210-1.1290 range today.

Is this article Helpful?

Total Views: 92
 

Sign up to My Spread

COVID-19

China Bulls Tire & Earnings Apprehension – MARKET WRAP

Good morning. Here are our market highlights: – China Stocks Snap 8-day winning Streak – Shanghai Composite drops over % – European shares open lower, Wall St futures down – …

Most Viewed Articles

Most Popular Articles

Latest Market Commentary

China Bulls Tire & Earnings Apprehension – MARKET WRAP

Good morning. Here are our market highlights: – China Stocks Snap 8-day winning Streak – Shanghai Composite drops over % – European shares open lower, Wall St futures down – …

Popular Articles about Trading

No Result found