The major EUR-crosses tell different stories, as EUR/GBP and EUR/JPY rates are breaking out higher while EUR/USD rates are struggling near parity. Potential for broader weakness lingers, however, as the potential for another rise in energy persists.
prices closed down more than -10% from their session highs, alleviating at least one short-term pressure point. And while the fundamental environment hasn’t improved all that meaningfully – a deep recession for the Eurozone appears imminent, if not already happening – the technical structures of the three major EUR-crosses suggest that the Euro may be able to rally further in the very near-term.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests EUR/USD prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current EUR/USD price trend may soon reverse higher despite the fact traders remain net-long.
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