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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
Euro Forecast to Fall even Further versus US Dollar

Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.

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 DailyFX.com

Euro Forecast to Fall even Further versus US Dollar

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

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