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Is Now a Good time to sell the Euro/US Dollar? 3 Pros and Cons

Is Now a Good time to sell the Euro/US Dollar? 3 Pros and Cons

2012-09-11 15:25:00
David Rodriguez, Head of Product
Share:

The Euro has surged to fresh 4-month highs as the Dow Jones FXCM Dollar Index plummets. The currency now trades at critical support and may represent a trade opportunity, but is now a good time to go short?

Pros in favor of Euro/US Dollar short position:

Euro is likely to consolidate and less likely to break significantly higher ahead of critical ESM vote

US S&P 500 may have found key resistance, favoring pullback in correlated EURUSD

Yesterday’s Euro/US Dollar inside day was reminiscent of the October, 2011 top

Cons against Euro/US Dollar short position:

Euro rally likely a function of short-covering, could continue as traders limit risk ahead of ESM vote

Dow Jones FXCM Dollar Index takes a beating and the Euro eyes $1.2904

Retail trading crowds heavily net-short EURUSD, contrarian buy signal

Time_to_sell_the_euro_us_dollar_pros_and_cons_body_Picture_5.png, Is Now a Good time to sell the Euro/US Dollar? 3 Pros and Cons

Source: FXCM MarketScope

Ultimately tomorrow’s critical German Constitutional Court decision on the European Stability Mechanism could decide direction in the Euro/US Dollar. Until then, we see considerable uncertainty in EURUSD price action.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.

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