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Huge Week Ahead for Euro - Bounce Seems Likely

Huge Week Ahead for Euro - Bounce Seems Likely

2014-08-29 16:45:00
David Rodriguez, Head of Product
Share:

- Euro matches longest weekly consecutive losing streak since inception

- Sentiment, Positioning, and cyclical studies all warn of a potential EURUSD reversal

- Watch critical support ahead of highly-anticipated European Central Bank decision

The Euro has now matched its longest weekly losing streak on record as the Dollar surges. Why do we think it’s at special risk of reversal in the coming week?

Euro Matches Longest Consecutive Weekly Decline since Inception

Huge Week Ahead for Euro - Bounce Seems Likely

Source: FXCM Trading Station Desktop, Prepared by David Rodriguez.

Retail Positions Hit Most Stretched Since Euro Traded to $1.20

Huge Week Ahead for Euro - Bounce Seems Likely

Source: FXCM Trading Station Desktop, Open Positions Ratio indicator in private beta. Prepared by David Rodriguez.

Professional Positioning Likewise at Most Stretched Since Same $1.20 lows

Huge Week Ahead for Euro - Bounce Seems Likely

Data source: Bloomberg, CFTC Commitment of Traders Report. Prepared by David Rodriguez

Moving Averages Crossing Lower, Support Downtrend. $1.3105 is Key Support

Huge Week Ahead for Euro - Bounce Seems Likely

Source: FXCM Trading Station Desktop, Prepared by David Rodriguez.

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Download the release of FXCM Volume and Transactions figures via FXCMApps.com.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com David specializes in automated trading strategies. Find out more about our automated sentiment-based strategies on DailyFX PLUS.

Contact and follow David via Twitter: https://twitter.com/DRodriguezFX

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

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