Euro’s Five Winning Streak Brings Vulnerable EUR/USD

WikiFX News (24 July) -Euro is poised for its fifth straight gain with EUR/USD up over 1.4% since the weekly open. While the broader outlook of EUR/USD remains constructive, the gains may be vulnerable in the short run.

In consideration of trading, it is suggested to reduce long positions/ raise protective stops in case of an exhaustion low. In addition, the uptrend can only see resumption when EUR/USD closes higher 1.1621.

However, if traders are net-short, EUR/USD is possible to extend its gains. From the perspective of sentiment, traders are less net-short compared with no matter yesterday or last week. Recent changes in positioning remind investors that the current trend of EUR/USD may soon reverse and go down, despite the fact that most traders remain net-short.

Major data released in the following week (Greenwich Mean Time):

July 24, 13:45 U.S. Manufacturing PMI for July

July 27, 12:30 U.S. Durable Goods Orders MoM for June

July 28, 14:00 U.S. Consumer Confidence Index for July

July 29, 18:00 Federal Interest Rate Decision

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