Weekly Technical US Dollar Forecast: Finally Turning Higher?

IG Client Sentiment Index: EUR/USD Rate Forecast (Feb. 28, 2021) (Chart 4)

Weekly Technical US Dollar Forecast: Finally Turning Higher?

EUR/USD: Retail trader data shows 45.61% of traders are net-long, with the ratio of traders short to long at 1.19 to 1. The number of traders net-long is 2.36% higher than yesterday and 3.00% lower from last week, while the number of traders net-short is 24.89% lower than yesterday and 24.74% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests EUR/USD prices may continue to rise. Yet traders are less net-short than yesterday and compared with last week. Recent changes in sentiment warn that the current EUR/USD price trend may soon reverse lower despite the fact traders remain net-short.

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