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Euro Forecast to Continue Rallying versus US Dollar

Euro Forecast to Continue Rallying versus US Dollar

David Rodriguez, Head of Product
Euro Forecast to Continue Rallying versus US Dollar

Why and how do we use the SSI in trading? View our video and download the free indicator here

EURUSD – Aggressively one-sided retail FX trader positions continue to act as a contrarian signal that the Euro may rally further versus the US Dollar. And indeed it was last week we warned that a violent post-ECB Euro surge and shift in trader sentiment pointed to further EUR/USD gains.

Our data shows that there are currently 1.44 retail open positions short the EUR/USD for every 1 that is long; nearly 60 percent of traders in our sample our short. This stands in sharp contrast to just two weeks ago when many of the traders had remained consistently net-long into Euro tumbles. Until we see a comparable shift in sentiment, we will continue to favor buying into EUR/USD rallies.

See next currency section: GBPUSD - British Pound Rally May Represent Key Turning Point

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

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