EURUSD – The Euro remains in a choppy trading range against the US Dollar, but a recent shift in retail FX trader sentiment warns it may test fresh lows through the days ahead.
Trade Implications – EURUSD: Last week we noted that our retail trader positioning data showed the majority of traders were buying into EUR weakness, and that was reason enough to call for further depreciation. In fairness the EUR/USD did the exact opposite for the subsequent days until reversing sharply lower once more, and timing has proven challenging in choppy markets. Our focus nonetheless remains on continued USD strength, and our Market Cycle specialist notes next week looks important from a time perspective.
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