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Euro Targets 2010 Lows as Dollar Surges

Euro Targets 2010 Lows as Dollar Surges

David Rodriguez, Head of Product
ssi_eur-usd_body_Picture_7.png, Euro Targets 2010 Lows as Dollar Surges

EURUSD – Forex trading crowds continue to buy aggressively into Euro declines as it hits fresh yearly lows against the US Dollar, and such one-sided sentiment favors further EURUSD weakness. Trader sentiment recently hit its most net-long levels on the Euro/US Dollar since the pair broke below the $1.40 mark through late 2011.

Today we see that EURUSD-long interest has fallen from its very recent peaks, but overall the direction of trend seems clear and we see little reason or anything beyond normal short-term corrections higher within broader declines.

Our Speculative Sentiment Index-based strategies continue selling into Euro weakness, and indeed we continue watching for opportunities to sell Euro on rallies within the clear downtrend.

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

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

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