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Euro near Potentially Significant Turning Point versus Dollar

Euro near Potentially Significant Turning Point versus Dollar

David Rodriguez, Head of Product

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EURUSD – An aggressive shift in retail forex trader sentiment warns that the Euro may be near a key turning point versus the Dollar. Our data shows that the ratio of open short to long positions in the EUR/USD stands near its smallest in over six months—traders first turned net-short as the Euro broke below $1.10 in March.

Ideally we would see a more meaningful shift towards crowd EUR/USD-buying before calling for a substantive price reversal. But the fact remains that our data suggests we are at a potential inflection point for the Euro and US Dollar.

See next currency section: GBPUSD - British Pound Sees Extreme Sentiment, Losses Remain Likely

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