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Euro Targets Fresh Highs versus US Dollar

Euro Targets Fresh Highs versus US Dollar

David Rodriguez, Head of Product
ssi_eur-usd_body_Picture_13.png, Euro Targets Fresh Highs versus US Dollar

EURUSDRetail traders remain aggressively short the Euro against the US Dollar (ticker: USDOLLAR), and a contrarian view of crowd sentiment leaves us plainly in favor of further EURUSD gains.

Crowds first turned short the Euro as it crossed above the $1.25 mark through mid-September, and overall short interest is now at its highest levels since January.

There is arguably risk of a EURUSD rally exhaustion near the $1.32 mark, but clearly one-sided crowd sentiment gives us little reason to go against our long-standing bullish Euro bias.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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