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Euro at Major Turning Point versus Dollar
The recent Euro breakdown has produced a similarly significant shift in forex trading crowd sentiment, pointing to a major Euro/US Dollar reversal and further losses through the foreseeable future. Retail traders have remained net-short the Euro against the US Dollar (ticker: USDOLLAR) since the EURUSD traded above $1.28 in January, giving us a fairly consistent signal that the pair could continue higher. Yet that ratio flipped for the first time in months as of yesterday; it is little exaggeration to claim that the shift could signal a major turnaround. It will be critical to watch the EURUSD reaction at major ... (full story)
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