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EURUSD Tumbles Below 1.17 As Near-Record Longs Begin Unwind

For the first time since July 28th, following the post-FOMC surge to 1.19, EURUSD has dropped back to a 1.16 handle...

And EURCHF is really tumbling...

 

As it appears the near-record long speculative position in the euro is starting to unwind...

 

The question is - what happens next?