EUR/USD is pushing to fresh new lows ahead of the NFP release, while maintaining oversold price conditions, with both momentum and net short positions holding at their extremes. • Expect a temporary relief bounce over the coming sessions into 1.2590, then 1.2650 and 1.2824 (22nd May). Only a sustained move at these levels would neutralize the extreme market condition. • In terms of the big picture, key structural support remains at 1.2125/30, which would equate to EUR/USD losing half of its gains from the bull market taken from the year 2000. • Inversely, the USD Index is pushing back into overbought conditions, ... (full story)