Daniel Urdaneta
Long

Long EUR, against all odds, good technicals

FX:EURUSD   Euro Fx/U.S. Dollar
56 1 0
We are forced to run a net long position in EUR currency due to cash flow requirements. The entry at 1.1060 seems to be well positioned. Fundamentals in EUR are terrible, but technicals are suggesting a clear uptrend in the coming months. There is also a clear net short positioning by specs that has been squeezed during the past 2 months alongside alleged Central Bank buying,

We woul be inclined to trim the long position in a couple of weeks (when we free up more EUR assets) or 1.14 prints on the pair, whatever comes first. Cheers!
Hope EUR takes a stance and does something otherwise it is kind of ranging in the past few days.
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