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Euro Expected to Rally Further versus Downtrodden US Dollar

Euro Expected to Rally Further versus Downtrodden US Dollar

David Rodriguez, Head of Product
Euro Expected to Rally Further versus Downtrodden US Dollar

EURUSD: Retail trader data shows 27.8% of traders are net-long with the ratio of traders short to long at 2.6 to 1. In fact, traders have remained net-short since Apr 18 when EURUSD traded near 1.06163; price has moved 5.4% higher since then. The number of traders net-long is 7.5% lower than yesterday and 8.8% lower from last week, while the number of traders net-short is 1.4% higher than yesterday and 4.3% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests EURUSD prices may continue to rise. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EURUSD-bullish contrarian trading bias.

See next article in this week’s report: GBPUSD - British Pound Forecast May Change on Trader Sentiment

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