Short-term speculative EUR/USD shorts have reduced significantly in recent weeks but the big macro players remain stubbornly bearish and have been adding to shorts on the rally to 1.15.
We are heading into the Northern Hemisphere summer months when moves can often be a bit illogical and when fundamental developments tend to dry up. I have a feeling that these macro accounts might be in for some pain once the bears’ patience runs out.
That said, EUR/USD has run into solid resistance at 1.15 and is undergoing a short-term retracement. I will use this to start building a long position before the big short-squeeze eventuates.
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