EUR/USD Support Hits at 1.31 or 1.24, Euro Shorts Hit Record (COT)

Support for EUR/USD hits at 1.31 or 1.24 imho, if it stays inside the descending channel.  It's currently trading at 1.31576, -0.35%. We'll see who in Euro-land is on deck after the IMF/EU bailed out Greece.  The immediate term April low to test is 1.31147 (from 4/28).  1.31 must hold here or EUR/USD will hit the 20s.  I've been watching EUR/USD sell off since late 2009 when the US Dollar broke out.  It's been one hell of a ride for the Euro.  Maybe shorts will target the US Dollar soon to give Europeans a break.  Large speculators in the Euro are still piling on the short side.
"Hedge funds and other large speculators raised net wagers on a euro drop by 25 percent to 89,013 contracts in the week ended April 27, Commodity Futures Trading Commission data shows".  [Bloomberg]
  Below is the monthly chart. 

EUR/USD (Euro/US Dollar - Courtesy of FreeStockCharts.com


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