Speculators anticipating a sudden reversal higher in the EURUSD last week saw no evidence of upwards buying action being able to take hold- trading forextrading
of January.
The EUR/USD has correlated to the broad Forex market as the USD continues to demonstrate strength, based on the notion the U.S Federal Reserve will have to remain aggressive regarding interest rate hikes in an effort to ward off inflation which continues to show signs of life.Technically the EUR/USD sustained momentum below the 1.
. Thursday did see the 1.06000 level tested too, but when touched briefly was able to exhibit a short reversal higher. The ability to retest short-term lows on Friday and sustain price action to new depths will certainly raise the prospect of nervous sentiment lingering among speculators this week. Bearish speculators who have been following the trend lower have likely had good results because violent reversals in the EUR/USD have not been produced recently.
The inability to produce a strong amount of buying upward the past week is also an indication behavioral sentiment in the EUR/USD likely remains downcast. Traders who have been anticipating a reversal of fortune on the notion the EUR/USD has been oversold may feel like they are spitting into the wind as they fight the lower trend which has been solid since early February.This coming Wednesday the U.S.
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