EURUSD Landscape: Risk aversion keeps Dollar bid

Hedge funds continue to load into EUR shorts (+11k contracts nt. change) and remain net short across the board (-58k contracts).

We see a continued risk off/aversion theme with Dollar, Yen & Gold bugs as largely the beneficiaries in the current state of play. We remain constructively bullish on the EUR with improving underlying fundamentals albeit a short term push lower to our buyside floor targets.

- VPOC & Macro Swing targets remain in the 1.14xx - 1.15xx handle.
- Vol compression confirming a short squeeze near the base of the pattern.
- We will look to confirm conviction through the 200DMA and solid reversal base from our buyside floor target.

We have continued to load into directional short exposure and remain opportunistically long in our macro portfolios.
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We look forward to continuing to provide market leading analysis to traders & investors alike across the TradingView platform.

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Until next time,

Portier Capital
Macro Strategy & Portfolio Management