EUR/USD shorts retreating
According to last week’s CFTC COT report, euro shorts continues to scale back. Strategist Jane Foley at Rabobank commented “EUR shorts continued to decline as EUR remains resilient in the face of a dovish ECB and rising political risks within the Eurozone… USD longs were lower than reported in the previous set of data but only a 5.2% drop was recorded. The FOMC on Wednesday will be the main focus for USD”.
EUR/USD critical levels
At the moment the pair is down 0.02% at 1.3283 with the next support at 1.3208 (high Jul.11) ahead of 1.3200 (psychological level) and hen 1.3198 (MA10d). On the upside, a break above 1.3297 (high Jul.26) would expose 1.3302 (high Jun.20) and finally 1.3325 (low Jun.18).