Thanks to the rebound in stocks and the lack of newly negative news for Greece, the EUR/USD rose above 1.28 for the first time since last Tuesday. The recovery is tenuous at best and there are no shortages of reasons for why investors will want to continue selling euros but with EUR/USD short positions at a record high according to the latest CFTC IMM data, it won’t take much to trigger a short squeeze even if the longer trend is still downwards.
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