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FOREX ANALYSIS: Euro Forecast Remains Bullish

FOREX ANALYSIS: Euro Forecast Remains Bullish

David Rodriguez, Head of Product
ssi_eur-usd_body_Picture_8.png, FOREX ANALYSIS: Euro Forecast Remains Bullish

Our Euro forecast versus the US Dollar (ticker: USDOLLAR) remains bullish, as our proprietary retail forex trading sentiment indicator shows the majority of traders remain short EURUSD. It’s important to note that retail short interest has fallen 13 percent and long interest has gained 24 percent since last week—moderating our bullish bias.

Yet crowds first turned short the Euro as it crossed above the $1.25 mark through mid-September, and the fact that the majority of retail traders remain short gives us reason to continue calling for short-term strength.

Our Technical Strategist likewise calls for EURUSD strength as long as price remains above key support of $1.28.

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

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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.

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

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