of last week, noting that sellers needed to secure a daily close below it to expose downside targets. The other major influence traders need to watch for is how European Central Bank policy evolves as a result of the potential contagion impact the Turkish Lira meltdown may yet bring. For the week ended August 28, 2018, there were.2K net-short contracts held, a slight increase from the.8K contracts held in the week prior. As such, any sustained depreciation by the Turkish Lira could very well set off a wave of defaults on these obligations, forcing European banks to write down bad loans. Finally, positioning warrants a quick mention, if only for record keeping. The level connects with the April 2017 low and was responsible for the recent May 30th bounce. In fact, it stunted Mondays rally attempt as well as Thursdays. On Thursday of last week, I discussed a continuation pattern that had developed on the eurusd. See our long-term forecasts for the Euro and other major currencies with the.
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To contact Christopher, email him. The Euro finished in the middle of the road last week, gaining ground against three major currencies while falling against four others. We also indicate the average price forecast as well as the average bias. According to the cftcs COT report released on Friday, speculators held net-short positions in the Euro for the first three-week period going back to April 2017. This graph is available for each time horizon (1 week, 1 month, 1 quarter). Continue Reading, the eurusd bounced higher last week from trend line support that extends from the 2017 low. Continue Reading, the.S. Sellers were also able to close the single currency back below the pivot.1720. That.1300 area was also the target for my short from the.1600 area.