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US Dollar Weekly Technical Forecast: Can USD Bulls Post a Breakout?
Retail traders appear to be looking for USD-weakness to show in Q2, as IG Client Sentiment is currently showing heavy long positioning in both EUR/USD and GBP/USD. Retail sentiment is traditionally a contrarian type of indicator, and this can keep focus on the bullish backdrop around the US Dollar as the quarter’s first major rate decision is on the economic calendar for next week with Thursday’s ECB meeting. This was the driver last month that really seemed to prod USD-bulls, creating a swell of strength until the US Dollar tested the yearly-high at 97.71. But, that resistance came into play just hours after the ... (full story)
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