Euro Will Pull Back Eventually, but our System Forecasts Gains
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EURUSD – Our retail forex trader data gives signal that the Euro may continue to rally versus the US Dollar, and indeed the same analysis helped confirm the EUR/USD breakout was the ‘real deal’ as of last week.
There are currently 2.0 open EUR/USD trades for every one long, and a contrarian view of retail crowd sentiment leaves us watching for continued gains. Clearly markets don’t move in a straight line, and a massive month-to-date Euro rally makes near-term corrections likely. Yet it would take a substantial shift in forex trader positioning to water down our bullish trading bias.
See next currency section: GBPUSD - British Pound Likely to Trade Lower
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.