Scouting around this morning it has become clear that there is no stand-out buyer of EUR/USD (China, Middle East, boogey man…) like we so often hear. Most, like me, are surprised at the strength of the rebound given the fairly ominous technicals. I guess it is those technicals working in reverse: Many see the same signs, act, and then it does not take all that much to move the market in the other direction in the short-term.
I do like the idea of lightening EUR/USD longs into strength as the easy money for this trend has clearly already been made and we are now in for a period of choppy consolidation (at best for the bulls) or the potential for a reversal…
