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Euro at Clear Risk of Bounce Near Key Support

Euro at Clear Risk of Bounce Near Key Support

David Rodriguez, Head of Product
Euro at Clear Risk of Bounce Near Key Support

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EURUSDRetail FX Traders are currently their most long the Euro versus the US Dollar since it set a significant low near $1.28 in July, 2013, and extremely one-sided sentiment warns of a EURUSD bounce.

Trade Implications – EURUSD: Extreme retail positions often coincide with important turnarounds in price. This happened just recently as retail traders became their most short EURUSD on record, and the pair topped near $1.3960 through March.

Now crowds are heavily long as the Euro holds its post-European Central Bank lows. Combined with extremely low FX volatility, we believe it unlikely that the Euro breaks below $1.35.

See next currency section: GBPUSD - British Pound May Soon Break Above Key Highs

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

Euro at Clear Risk of Bounce Near Key Support

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