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Euro Forecast to Gain Unless this Changes

Euro Forecast to Gain Unless this Changes

David Rodriguez, Head of Product


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

EURUSD – Retail FX traders remain net-short the Euro versus the US Dollar, and a contrarian view of crowd sentiment points to further EUR/USD gains. A minor caveat is positions have moderated since yesterday—short positions have fallen 11 percent and long positions are up 7 percent over the past 24 hours. Yet our data shows 59 percent of open positions remain short EUR, and it would take a more sustained shift in the opposite direction to change our bullish trading bias.

It will be important to watch whether the EUR/USD is able to trade above key resistance near the $1.1300 mark, while a hold above $1.1100 would keep our short-term bullish trading bias intact.

See next currency section: GBPUSD - British Pound Plunges, and Declines not Over Just Yet

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