Euro Resilience Gives us Pause, but Not out of Woods Yet
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Trade Implications – EURUSD: Total retail FX long positions in the EURUSD recently hit their highest on record as the pair traded to fresh lows. The exchange rate’s resilience above key support near $1.3300-1.3330 gives us pause as professional positioning hits multi-year extremes. Until we see a material shift in retail sentiment, however, our preference remains to sell any short-term bounces.
See next currency section: GBPUSD - Need to See Important Signs before Calling for British Pound Reversal
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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