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Euro Breakdown is the Real Deal

Euro Breakdown is the Real Deal

David Rodriguez, Head of Product
ssi_eur-usd_body_Picture_7.png, Euro Breakdown is the Real Deal

EURUSD – Retail forex trading crowds continue to buy aggressively into Euro weakness versus the US Dollar (ticker: USDOLLAR), and the clear shift in sentiment warns of a larger EURUSD breakdown.

Trade Implications – EURUSD: Our sentiment-based trading strategies continue to sell the Euro as retail traders continue to buy; total long interest is up 11.5 percent since last week, while speculative shorts are down 9.0 percent. The fact that the Euro has now broken below critical support at $1.3250 warns of a larger breakdown, and indeed overall market conditions favor continued USD gains.

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

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

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