Euro Remains a Buy until this Changes
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EURUSD – Our retail FX trader data shows ‘the crowd’ remains steadily net-short the Euro versus the US Dollar, and a contrarian view of herd sentiment suggests the EUR/USD may yet reach further highs. Indeed, positioning last turned short as the pair crossed above $1.0950 in early March with no interruption.
An important caveat is that we have seen a notable week-over-week shift towards crowd buying; total long positions are up 26 percent while short positions have fallen 18 percent. Until we see a more sustained shift and a crowd flip to net-long, however, we will maintain our long-standing bullish trading bias.
See next currency section:GBPUSD - British Pound Likely to fall to Further Lows
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.