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Euro Reversal Risk Grows as Forex Positions Moderate

Euro Reversal Risk Grows as Forex Positions Moderate

David Rodriguez, Head of Product
Euro Reversal Risk Grows as Forex Positions Moderate

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EURUSDThe Euro continues to trade in a tight range versus the US Dollar, and indecisive forex trader sentiment suggest we’ll need to wait for the next clear move before establishing a firm trading bias.

Trade Implications – EURUSD: Over the past three weeks we’ve cited one-sided FX trader positions as reason to expect further Euro weakness. Yet our data shows that retail traders are almost exactly neutral in the EURUSD; open long positions are roughly equal to short positions.

The large Euro downtrend and US Dollar uptrend keeps us bearish, but we’ll wait for a clearer shift in sentiment before taking a strong trading bias. Continued consolidation raises risks of a larger EURUSD bounce.

See next currency section: GBPUSD - British Pound Forecast to Hit Fresh Lows

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

Euro Reversal Risk Grows as Forex Positions Moderate

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