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Selling EURUSD Against Sunday's High

Selling EURUSD Against Sunday's High

David Rodriguez, Head of Product

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

To contact David, e-mail drodriguez@dailyfx.com

To be added to David’s e-mail distribution list for this and other reports, e-mail subject line “Distribution List” to drodriguez@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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