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Euro Correction May Offer Buying Opportunity

Euro Correction May Offer Buying Opportunity

David Rodriguez, Head of Product
ssi_eur-usd_body_Picture_7.png, Euro Correction May Offer Buying Opportunity

EURUSD – Retail forex trading crowds remain short the Euro versus the US Dollar (ticker: USDOLLAR), but most traders have actually bought Euro since last week as it falls to fresh multi-week lows.

Trade Implications – EURUSD: Our sentiment-based trading strategies have most recently sold the EURUSD as sentiment turns. Yet the critical question is whether this is merely a correction within the broader uptrend, or is this a correction within an uptrend? Our Senior Technical Strategist believes that the Euro should be bought against key support of $1.3250, but a break lower would be an attractive short.

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

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