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EURUSD – Heavily one-sided forex positioning warns that the Euro may be near an important turning point versus the US Dollar.
Trade Implications – EURUSD: The retail forex trading crowd is its most net-long the Euro versus the US Dollar since the pair traded near $1.20 through mid-2012. And though sentiment extremes are only clear in hindsight, this coincides with similar extremes seen in professional trader positions as seen through recent Commitment of Traders futures data.
Our Senior Strategist underlines a key cyclical turn window coming up. If the Euro holds above $1.3460 it could very well begin an important reversal versus the US Dollar.
See next currency section: GBPUSD – British Pound Breakdown Might be the Real Deal
— Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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