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Retail forex trading crowds remain aggressively long the US Dollar (ticker: USDOLLAR) against the Euro, and a contrarian view of crowd sentiment favors further EURUSD gains. Traders are now their most net-short since the Euro traded to December highs of $1.3120 and first turned short when the pair crossed above $1.27 through mid-November.
Our technical strategist believes that the Euro may see further declines as it fails near December highs, but a sustained break higher seems a distinct possibility and two of our SSI-based trading strategies remain long EURUSD from $1.2905 and $1.2940.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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