Euro Likely to Test Critical Resistance, Next Move is Key
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EURUSD – Retail forex traders have sold aggressively into Euro’s recent bounce versus the US Dollar, and a contrarian view of crowd sentiment points to further EUR/USD gains. Indeed, the retail FX crowd has remained net-short EUR versus the US Dollar since it traded near $1.05 in March. A real look at volumes highlights the $1.12 level as a major resistance level in the way of further gains, but a break above would likely target a return towards comparable resistance near $1.14.
See next currency section:GBPUSD - British Pound at Risk of Renewed Declines on a Failure Here
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.