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The single currency has been struggling against the USD since it reached 1.155 area, the highest since October, earlier this month as economic numbers disappointed. The focus is on tomorrow’s monetary policy meeting of the European Central Bank and the subsequent decision. Though the central bank is not expected to take actions, the investors and traders would be looking for clues to future rate hikes amid the weakening global environment.
Heading to tomorrow’s rate decision, the retail sentiment is pointing to further slide in euro.
According to data from IG markets, the retail long position is currently almost double in size compared to the shorts. 66 percent of the retail positions are on the long side, while 34 percent of positions are short on the single currency. The retail sentiment is a useful indicator.
