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Bank of England Tapers QE Purchases, leaves Bank Rate & APF Target Unchanged

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  • $Gold is gearing up for another run at 1800 https://t.co/DTSYevSOAk https://t.co/2wkomdArwd
  • 🇺🇸 Initial Jobless Claims (01/MAY) Actual: 498K Expected: 540K Previous: 590K https://www.dailyfx.com/economic-calendar#2021-05-06
  • 🇺🇸 Jobless Claims 4-week Average (MAY/01) Actual: 560K Previous: 621K https://www.dailyfx.com/economic-calendar#2021-05-06
  • 🇺🇸 Continuing Jobless Claims (24/APR) Actual: 3690K Expected: 3620K Previous: 3653K https://www.dailyfx.com/economic-calendar#2021-05-06
  • 🇨🇿 CNB Interest Rate Decision Actual: 0.25% Expected: 0.25% Previous: 0.25% https://www.dailyfx.com/economic-calendar#2021-05-06
  • $EURUSD support hold at that 1.2000 spot and then falling wedge reversal fills in. v clean https://t.co/DYgwmx5q78 https://t.co/hSDyTFrBKw
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 89.97%, while traders in Wall Street are at opposite extremes with 75.53%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/SitVyWezLj
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.52% 🇪🇺EUR: 0.45% 🇨🇦CAD: 0.18% 🇬🇧GBP: 0.03% 🇯🇵JPY: 0.00% 🇳🇿NZD: -0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/MWkCbzgRbd
  • Heads Up:🇺🇸 Initial Jobless Claims (01/MAY) due at 12:30 GMT (15min) Expected: 540K Previous: 553K https://www.dailyfx.com/economic-calendar#2021-05-06
  • Heads Up:🇺🇸 Jobless Claims 4-week Average (MAY/01) due at 12:30 GMT (15min) Previous: 611.75K https://www.dailyfx.com/economic-calendar#2021-05-06
Euro May Have Finally Turned

Euro May Have Finally Turned

David Rodriguez, Head of Product
Euro May Have Finally Turned

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EURUSDThe Euro decline caught many retail traders on the wrong side of the market as a small majority bought into weakness. Yet the most recent Euro bounce has invited a sharp wave of selling, and the sharp capitulation warns of the potential for further short-term EUR gains.

Theratio of long to short positions in the EURUSD stands at -1.84 as 35% of traders are long. Yesterday the ratio was -1.39; 42% of open positions were long. Long positions are 16.1% lower than yesterday and 28.9% below levels seen last week. Short positions are 11.6% higher than yesterday and 46.4% above levels seen last week. Open interest is 0.0% lower than yesterday and 15.1% above its monthly average. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are short gives signal that the EURUSD may continue higher. The trading crowd has grown further net-short from yesterday but unchanged since last week. The combination of current sentiment and recent changes gives a further bullish trading bias.

See next currency section: GBPUSD - British Pound Likely to Lose Further versus US Dollar

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

Euro May Have Finally Turned

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

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