Euro Forecast Bullish but Range High Remains Key

[B]EURUSD – [/B]Forex trading crowds have aggressively sold into Euro/US Dollar rallies, giving our contrarian trading systems clear signal to go long the EURUSD. In fact, three of our sentiment-based strategies have recently sold US Dollars against the Euro and other key counterparts. The ratio of long to short positions in the EURUSD stands at -1.70 as nearly 63% of traders are short. In detail, long positions are 3.2% higher than yesterday and 5.4% stronger since last week. Short positions are 12.0% lower than yesterday and 13.1% stronger since last week. There is distinct risk that the EURUSD holds its long-standing trading range, but our contrarian sentiment bias currently calls for further gains.