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UK to Announce Vaccine Passports and WFH Guidance in Move to Plan B

Euro Likely to Hit Further Highs until this Changes

Euro Likely to Hit Further Highs until this Changes

David Rodriguez, Head of Product
Euro Likely to Hit Further Highs until this Changes

EURUSD: Retail trader data shows 25.2% of traders are net-long with the ratio of traders short to long at 2.96 to 1. In fact, traders have remained net-short since Apr 18 when EURUSD traded near 1.06707; price has moved 10.5% higher since then. The number of traders net-long is 10.7% higher than yesterday and 14.8% higher from last week, while the number of traders net-short is 1.4% higher than yesterday and 6.3% 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. Yet traders are less net-short than yesterday and compared with last week. We've seen a slowdown in selling, but there would need to be a much more substantial swing in sentiment before we could call for a meaningful EURUSD turnaround.

See next article in this week’s report: GBPUSD - British Pound Forecast to Rally even Further

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