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Euro Resilience Gives us Pause, but Not out of Woods Yet

Euro Resilience Gives us Pause, but Not out of Woods Yet

David Rodriguez, Head of Product
Euro Resilience Gives us Pause, but Not out of Woods Yet

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EURUSDForex trading crowds remain heavily long the Euro versus the US Dollar, and a contrarian view of popular sentiment leaves us focused on continued EURUSD losses.

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

Euro Resilience Gives us Pause, but Not out of Woods Yet

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