Longs in EURUSD crushing the shorts. Trades above 1.2200 now. Dollar index at 3 year low.

It is not a good day for the shortsThe EURUSD longs are just crushing the shorts as the price now trades above the 1.2200 level to a new session/day high of 122.06.   

The dollar index has fallen to the lowest levels since 2015 at the 91.00 area and that is helping to fuel the dollar weakness.  The dollar index trades at 90.93 currently.  That is a 3 year low (Jan 2015).

It took a while to get there (was not until 2:20 PM ET), but the EURUSD moved above 50% of the move down from the 2014 high at the 1.2166 level, and over the last 2 hours the price has added another 52 pips to the gains. The high reached 1.2218.  
The shorts are uncomfortable on a Friday squeeze.
PS the CFTC commitment of traders shows record longs in the EUR. Now it is not the entire market, and the position can be quite different than what is expressed in the futures market. However, if the «market» is long, it may just be getting more long and crushing the hedgers.   Article Source

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