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The USD started the NY session off with a vengeance taking out new lows in EURUSD. But as the London session closed, we've seen the EURUSD start to give back it's gains.
It seems clear that the USD is in an uptrend. However, the chances of some type of short squeeze seems likely as we see net shorts increase two week in a row already as of last Tuesdays report. It is very likely this number gained even further this past week with the fundamental events that have occurred.
According to COT Reports, it is the EUR, CHF & JPY that have the most net short increases in the past few weeks with the Euro leading the way.
With the USD starting to show some struggle it is unclear if this might be an area it pulls back. If it is the case, the Euro might be in for a big surprise.
It seems clear that the USD is in an uptrend. However, the chances of some type of short squeeze seems likely as we see net shorts increase two week in a row already as of last Tuesdays report. It is very likely this number gained even further this past week with the fundamental events that have occurred.
According to COT Reports, it is the EUR, CHF & JPY that have the most net short increases in the past few weeks with the Euro leading the way.
With the USD starting to show some struggle it is unclear if this might be an area it pulls back. If it is the case, the Euro might be in for a big surprise.
