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Euro Likely to Test Key Near-term Resistance

Euro Likely to Test Key Near-term Resistance

David Rodriguez, Head of Product

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See a video on why we use the Speculative Sentiment Index as a contrarian indicator in our trading

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