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Euro Targets Fresh Highs Versus US Dollar

Euro Targets Fresh Highs Versus US Dollar

2012-01-26 17:33:00
David Rodriguez, Head of Product
Share:
ssi_eur-usd_body_Picture_13.png, Euro Targets Fresh Highs Versus US Dollar

EURUSD – Trading crowds turned aggressively net-short the Euro against the US Dollar as the pair broke above 1.2700, and further selling suggests we could continue to see fresh EURUSD highs. We were initially early in our calls for a larger Euro bounce, but extremely one-sided speculative sentiment suggests that this may be a lasting EURUSD bottom.

Our SSI ratio stands at -1.69 as there are 1.69 traders long for every 1 short. Although past performance is no guarantee of future results, such one-sided extremes can often come at major turning points. Indeed, we remain bullish until further notice.

The next major EURUSD resistance is very close by at the December 22 high of $1.3198. We see little in the way of major resistance beyond that until the December high of $1.3548.

How do we interpret the SSI? Watch an FXCM Expo Presentation that explains the SSI.

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

To receive the SSI via e-mail and other reports from author David Rodríguez, e-mail subject line “Distribution List” to drodriguez@dailyfx.com

Contact David via Twitter at http://www.twitter.com/DRodriguezFX

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

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