Speculative investors have been betting on the euro to fall against the dollar since the start of 2020 so the pair was due to reverse recent declines, Rabobank's Jane Foley says. U.S. Commodity Futures Trading Commission data show speculators have been building up net short euro positions since the end of January while the market currently holds long dollar positions, Foley says. "Positioning and over-stretched momentum data were therefore suggesting that EUR/USD was ripe for a correction," she says. "Technical indicators suggest that EUR/USD would have to hold above resistance to the 1.0980/1.10 area for the corrective bounce to become more established." EUR/USD rises 0.8% to 1.0974, having earlier reached a 20-day high of 1.0980
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