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Euro Forecast to Strengthen Further versus US Dollar

Euro Forecast to Strengthen Further versus US Dollar

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 heavily short the Euro versus the US Dollar as nearly two-thirds of all trades in our sample are currently short. We typically take a contrarian view to ‘crowd’ sentiment, and the fact that traders have sold means we will look for further EUR/USD strength. A minor caveat is that traders have grown less short since yesterday; the total open long positions has grown by 26 percent as the Euro pulls back from recent highs.

It would nonetheless take a more substantive shift to shake us from our long-standing EUR-bullish trading bias. And indeed, a break above key technical resistance at $1.1415 would make fresh highs near $1.16 likely.

See next currency section: GBPUSD - British Pound Looks Likely to Rally Further

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