Forex Sentiment Data Shows that Euro Remains a Sell
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EURUSD – Retail FX traders remain aggressively long the Euro versus the US Dollar, and a contrarian view of crowd sentiment warns that the EUR/USD may continue onto fresh lows. Indeed, it was two weeks ago when we highlighted a key shift in positioning: traders had turned net-long the EUR/USD for the first time since March.
Total long open positions grew by a notable 10 percent since last week, and we will remain in favor of selling the EUR/USD as long as crowds continue to buy. It will be important to watch reactions at near-term support in the $1.0814-44 range, while comparable resistance extends through $1.0932 and $1.10.
See next currency section: GBPUSD - British Pound at Risk of Continued Declines
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.