Whoops! 50 pips out of the pocket. Bets placed on European Central Bank hike on Thursday. Since there are few expectations of a hike, I believe that makes it more likely and more potentially potent.
I think ECB will tighten (despite the rhetoric.. they can't be too direct due to pressure from EU members' leaders), so it's not a contrarian bet nor a blind gamble... I think the odds are dramatically better, and since this isn't a highly anticipated event, the downside is small while the upside is much more substantial
Look for a move back up to around 2090 and reset shorts for 1987. 2059 will be the key on the way back down.