JP Morgan comments on the euro, in brief for an overnight note, the bank noting light volumes during the summer (northern) lull
- euro drifted lower on short term profit taking
- expect pullbacks in the region of 200 points or so as part of the process to a higher EURUSD
- there are some concerns around positioning … especially in the current illiquid markets
- we are still firmly bullish and advocate running a core long
- room to add on pullbacks initially to 1.1700 and more so at 1.1650.
(bolding mine)
