The rest of the risk trade is firing on all cylinders but EUR/USD traders a bit long. Traders already have the trade on and are adding marginally to long positions but have not bitten off a big enough chunk to take prices through the 1.4815/20 high posted last Thursday, much less the 1.4842 high from late September.
Equities are having a bit of difficulty vaulting their recent highs as well, while oil has slumped from session highs at $73.84, now at 73.22. EUR/USD has dipped to the 1.4785 level as a result.
Expect bids to re-emerge in earnest toward the 1.4775 level that capped earlier advances on Monday. Stops are tipped just below 1.4760 if that level is lost.
