Forex Flash: EUR longs keep the momentum – Rabobank

The euro continues its correction lower on Monday, currently testing the area around 1.3560, as poor Spanish data and later disappointing figures out of the Sentix index seemed to have plotted against further upside so far.

According to the last CFTC COT, Jane Foley, analyst at Rabobank commented, “In view of the buoyancy of the EUR/USD exchange rate it is no surprise that EUR longs continued to push higher last week. They have reached their strongest level since early July 2011”. In addition, and regarding the greenback, the expert added, “Net USD longs edged a little higher again, moving a whisker above the range that has been maintained since mid-September 2012”.