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Euro Forecast to Remain Strong versus the US Dollar

Euro Forecast to Remain Strong versus the US Dollar

David Rodriguez, Head of Product
Euro Forecast to Remain Strong versus the US Dollar

EURUSD: Retail trader data shows 29.2% of traders are net-long with the ratio of traders short to long at 2.43 to 1. In fact, traders have remained net-short since Apr 18 when EURUSD traded near 1.06045; price has moved 6.1% higher since then. The number of traders net-long is 20.8% higher than yesterday and 0.4% higher from last week, while the number of traders net-short is 1.7% lower than yesterday and 1.4% higher 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. Positioning is less net-short than yesterday but more net-short from last week. The combination of current sentiment and recent changes gives us a further mixed EURUSD trading bias.

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

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