Selling EURUSD Against Sunday's High
As per the Real Time News feed, I've sold the Euro against the US Dollar (short EURUSD) this morning against Sunday's high. I sold at market, which at the time was $1.2267, and I've set my stop above the weekly high of 1.2335.
Why? Our proprietary Speculative Sentiment Index data shows that crowds were buying aggressively into EURUSD declines. Our SSI-based forex trading signals have sold EURUSD from $1.2425 and $1.2277. That's reason enough for me, but this likewise lines up well with the clear overall EURUSD downtrend and I like the position.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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