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EURUSD – The Euro continues to trade in a choppy range versus the US Dollar, and sideways price action has led to similarly indecisive moves in retail FX trader sentiment. Our data shows that the majority of traders remain short the Euro versus the US Dollar, and indeed this has been the case since the Euro broke below $1.10 in March. A contrarian view of crowd sentiment keeps us mostly bullish.
We will nonetheless need to see a substantial shift in market conditions before we call for a major break above key Euro resistance levels or below support.
See next currency section: GBPUSD - British Pound Forecast to hit Further Lows
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