Euro Short Squeeze Is On (FXE)
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Currency traders are unwinding trades in the Euro and it is putting significant upward pressure on the EUR/USD. The Euro turnaround is due to strong comments from ECB president Mario Draghi yesterday. At first traders weren't impressed, but as reality sets in it is becoming clear that he may well make good on his promise to save the euro.
The euro has been a crowded traded and talk of a short squeeze has been around for a while, but until today nothing has come of it. Traders will be watching today's closing price in EUR/USD for hints about future prospects for the currency.
The euro has been a crowded traded and talk of a short squeeze has been around for a while, but until today nothing has come of it. Traders will be watching today's closing price in EUR/USD for hints about future prospects for the currency.
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