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EURUSD – Retail FX trading crowds have bought into recent Euro weakness against the US Dollar, and a contrarian view of crowd sentiment favors further EURUSD weakness.
Trade Implications – EURUSD: Retail long interest in the Euro now stands near multi-month highs as short interest is at similar lows. The Euro break below $1.3750 leaves our technical forecast bearish, and indeed a run towards February reaction lows near $1.3650, $1.3560, and $1.3480 seems likely.
— Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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