Earlier in the week I suggested that EUR/USD may be in for a period of consolidation with price action more two way and this was clearly evident yesterday.
After rallying back above 1.1800, EUR/USD, closed the session near the day’s lows on the back of a broader rally in the USD after U.S. yields rallied and Gold saw an aggressive selloff.
These 2 dynamics are certainly worth keeping an eye on, especially if this continues to drive the short term direction of the USD in a world where short positions are stretched.
But at this stage, we still retain the view of running core longs while leaving the ability to add on dips towards 1.1700 and more aggressively at 1.1650.
After rallying back above 1.1800, EUR/USD, closed the session near the day’s lows on the back of a broader rally in the USD after U.S. yields rallied and Gold saw an aggressive selloff.
These 2 dynamics are certainly worth keeping an eye on, especially if this continues to drive the short term direction of the USD in a world where short positions are stretched.
But at this stage, we still retain the view of running core longs while leaving the ability to add on dips towards 1.1700 and more aggressively at 1.1650.
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