The euro was the worst performer in August but short trades are crowded and they’re taking some money off the table as EUR/USD moves into the lead as today’s best performer. Cudos to Greg, who dusted off his ForexLive rust earlier today and said this about the euro:
Is there a reason to buy? Eh, yes, the 103104 level is a risk defining level and traders who stuck their toe in the water are felling ok – not great but there is not much pain or anxiety (risk is limited)
The 5-pip daily gain against USD certainly isn’t mind blowing but there is chatter about stops above 1.3140. The gains against GBP (60 pips) and JPY (103 pips) are more impressive.
