EURUSD speculative positions and institutional levels

FX_IDC:EURUSD   Euro / U.S. Dollar
Last Sunday started with a gap down in the EURUSD . Greece's surprise referrendum, capital controls and a midnight Greek atm-run sparked a mini-panic and brought out a crowd of bearish retail traders looking to profit from the Greek tragedy.

Pre-market open Sunday had bids on EBS right at the .50 fib of 1.0960. Retail leaned on the sell button and got agressivley short. Once everybody was balls to the wall short the London dealers sat down and cranked the eurusd to 1.1250 to the horror of shorts on 200X leverage. Then London got aggressively short leaning into the massive short covering frenzy with an ocean of euros above the 1.12 area.

The shorts in every euro pair continues to provide some support to euros with net buy orders stacked up from 1.1040-1.1080. It's also worth noting that that there has been very heavy selling volume in the last 12 hours and the euro has not been able to to touch the big buy big stops sitting directly above 1.1120. The eurusd is about 65/35 short in the spot market with the big boys taking the remaining 15% on their books.

We are range bound between 1.10ish -1.1200, see the chart for spec positioning on the books. These positions are dynamic and change day to day.

Here are the key levels you should be paying attention to:

1.1190 -This is where the net sell orders come in.

1.0960 - the .50 fib and last weeks opening bid on EBS from the banks.

1.0820/40 - .382 Fib and May's lows. Get out of the way below 1.08.


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