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Euro Forecast to Fall even Further versus US Dollar

Euro Forecast to Fall even Further versus US Dollar

David Rodriguez, Head of Product


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EURUSDThe Euro continues to tumble versus the US Dollar, and heavily one-sided retail FX trader sentiment suggests it will likely continue to fall through the foreseeable future.

Trade Implications – EURUSD: Our trader sample shows that ‘the crowd’ was recently near its most net-long EURUSD since it traded below $1.30, and a contrarian view of popular sentiment keeps us watching for further weakness.

It is worth noting that short interest is actually up 21 percent on a week-over-week basis; many traders have capitulated into the clear downtrend and are now selling into weakness. Yet we would need to see a more substantial shift in sentiment before calling for any meaningful reversal amidst such strong momentum.

See next currency section: GBPUSD - British Pound Likely to Depreciate through Near-Term Trading

--- Written by David Rodriguez, Quantitative Strategist for

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