EURUSD chewing through 1.0950 as the shorts unwind further

EURUSD is in grind mode as we chomp through the offers at 1.0950/60

Just some more colour to Greg's post below

1.0980 is where the next band of offers lie and it also coincides with the post ECB highs. Macro traders are said to be a good part of those offers and they're sitting at various intervals up to 1.1000. These current moves are said to be further shorts exiting, including some of the carry trade mob that we're using the euro as a funding currency

While there's plenty of traffic on the way to 1.10, we also have the 50.0 fib of the Oct drop at 1.1019

EURUSD H4 chart

Should we go through the 50.0 fib we'll probably find a few more ECB shorts getting twitchy and a break of the 61.8 fib will most certainly have more of them running for the hills