Euro Remains a Sell as Trading Crowds Buy
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EURUSD – Our retail forex trader data shows the majority of traders remain long the Euro versus the US Dollar, and a contrarian view of crowd trading sentiment leaves us watching for continued EUR/USD weakness.
We noted in yesterday’s Volume at Price report that Euro losses remain likely, and indeed there remains no significant price support until multi-month lows near $1.0670 and eventually the multi-year bottom below $1.0500. One-sided retail FX trader sentiment keeps us focused on further near-term EUR/USD losses.
See next currency section: GBPUSD - British Pound Remains in Downtrend, but Watch Key Support
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.