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EUR/USD – Correction Has Begun, Room for More – 1.1230 Next

June 12, 2020

The Euro reversed its gains, tumbling 0.61% against the Greenback to 1.1295 at the New York close, from yesterday’s 1.1375. The Euro’s fall was more moderate compared to the other rivals of the US Dollar. Yet speculative market positioning on the shared currency is the most overbought of the 7 major IMM Greenback rivals. We reported that net speculative Euro long bets for the week ended June 2 (COT/CFTC report) rose to +EUR 81,240 from the previous week’s +EUR 75,222. Which are at multi-year highs. The die-hard bulls are not giving up easily but a break at the strong support level of 1.1230 could see them head for the exits.

DailyFX EUR-USD Chart - 12 June 2020
DailyFX EUR-USD Chart – 12 June 2020

There were no major European data releases yesterday. Today sees the Eurozone Industrial Production report for May. A fall of -19.0% against the previous month’s -11.3% is expected.

EUR/USD has immediate support at 1.1280 followed by 1.1250 and 1.1230. Immediate resistance can be found at 1.1330 followed by 1.1380. Look to sell rallies in a likely trading range today of 1.1230-1.1330.

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