The Euro has been weakening in recent days and retail traders responded by boosting long exposure in EUR/USD and EUR/GBP. Is this a sign that more pain is ahead for the currency? Get your market update from ddubrovskyFX here:
reveals that about 42% of retail traders are net-long EUR/GBP. Since most of them are still biased to the downside, this hints prices may continue rising. However, upside exposure increased by 38.46% and 68.22% compared to yesterday and last week, respectively. With that in mind, recent changes in positioning warn that prices may extend lower ahead despite the overall balance of exposure.
EUR/GBP recently struggled to hold a break above the 38.2% Fibonacci retracement level at 0.892. Prices turned lower towards the near-term rising trendline from December. As such, from a technical standpoint, the pair remains positioned upward. Further losses would open the door to testing the trendline, which may reinstate the upside focus. Otherwise, the January low at 0.8722 would come into focus.
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