As you see from the picture below, since Mid-March trader have been aggressively short EUR/USD. This has taken place as EUR/USD bounced off a decade plus low at 1.0462 retracing as high as 1.1460 so far.
Overlay of Trader Positioning at FXCM on EUR/USD via the Speculative Sentiment Index (SSI)
(Screen capture from DailyFXplus.com)
Sentiment favors further upside as you can see when the client positioning is heavily leaning one direction, it often aligns with a strong trend that they’re hoping is about to reverse. Additionally, you can see that Retail Open Short Positions are at their greatest exposure since the market peaked in spring of 2014.
Volume is shown at FXCM via blue bars on the bottom of the chart. The higher the bar, the greater the volume transacted. The lower the bar, the lower the volume transacted and the less trustworthy a move is treated.
(Real Volume indicators from Trading Station Desktop)
You can see below that the recent move into the May high is done on a sharp drop in volume meaning that price is moving higher with less and less support. Without a lot of support or multitude of buyers, a reversal could be quickly joined as a lot of money is likely on the sidelines ready to make their move.