###POV: EUR PRIMED FOR A SHORT-TERM.....>

EURO-DOLLAR: ###POV: EUR PRIMED FOR A SHORT-TERM PULLBACK BEFORE RESUMING

LONGER-TERM BULL TREND

-Historically, EUR/USD remains close to 3yr highs but is still well off the

$1.3993 level printed in Aug 2014.

-Technically, EUR/USD looks primed for a short-term bearish reversal before

resuming its upward trajectory in the well-established trend channel observed

since Apr 2017.

-EUR/USD sits just above the 23.6% Fib level ($1.1916-$1.2323) at $1.2227, as

well as $1.2226 (23.6% $1.2323-$1.2196 posted today).

-A break below strong support at $1.2190-1.22 could open up a deeper correction

towards $1.2167 (38.2% $1.1916-$1.2323) or even $1.2119 (50% $1.1916-$1.2323).

-Positioning data remains heavily skewed toward longs, with EUR long positions

at the highest level on record according to CFTC data last week.

-As pointed out this morning: LT bulls now look for a close above $1.2885 (High

Oct 15 2014) to confirm a break of the LT bear channel top, ending bearish hopes

and seeing initial focus shift to tests of $1.3992 2014 highs.