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Weekly Technical Euro Forecast: Upside Potential Persists Advertisement Technical Forecast for the Euro: Neutral The Euro appears to be consolidating after recent upside moves; there is plenty of room in futures positioning for speculators to drive prices higher. Net-long Euro positioning is back to its highest level since the last week of March. Euro Rates Week in Review The Euro has a mostly positive turn through the middle of May, even if the headline stats don’t appear so. Even though four EUR-crosses gained and three EUR-crosses fell, the bias was towards the upside: the average loss w...

Weekly Technical Euro Forecast: Basically a Falling Knife Advertisement Technical Forecast for the Euro: Bearish The Euro has been cut down to size in recent days, and technical studies among various EUR-crosses suggest that the weakness may continue. Net-long Euro positioning is now at its lowest level since July 2020 – and the reporting period ended prior to the selloff on Thursday and Friday. Euro Rates Week in Review It was a rough week for the Euro. Losing ground against five of the other seven major currencies, three EUR-crosses posted losses in excess of -1% (EUR/...

Weekly Technical US Dollar Forecast: Finally Turning Higher? Advertisement Technical Forecast for the US Dollar: Neutral The DXY Index has held onto key technical support, suggesting that bulls may have a bit more fight left yet. Net-short US Dollar futures positioning has eased as the DXY Index has rallied, but has not shifted that significantly from levels seen going back to mid-December 2020. The IG Client Sentiment Index suggests that the Euro, the largest component of the DXY Index, has a bearish bias in the near-term. US Dollar Rates Week in Review The US Dollar (via...

The DXY Index’s rebound in recent weeks has done little to revert the major technical damage sustained in recent months.