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Euro Breakdown in Doubt as Crowds Lack Conviction

Euro Breakdown in Doubt as Crowds Lack Conviction

David Rodriguez, Head of Product
ssi_eur-usd_body_Picture_9.png, Euro Breakdown in Doubt as Crowds Lack Conviction

EURUSD – Retail forex trading crowds have added to Euro long positions versus the US Dollar (ticker: USDOLLAR), but a failure to break lower suggests the EURUSD may consolidate through near-term trade.

Trade Implications – EURUSD: Our SSI-based ‘Momentum2’ strategy sold the Euro as trading crowds bought aggressively into declines. Yet mostly sideways price action meant that the position was closed out at only a modest gain. Further technical evidence suggests that the EURUSD may in fact turn higher, and our overall sentiment-based bias is neutral as a result.

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

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ssi_eur-usd_body_1a.png, Euro Breakdown in Doubt as Crowds Lack Conviction

Trade with the purely SSI-based Momentum1 strategy: article, webinar recording

Automate our sentiment-based Momentum2 system: article, webinar recording

Automate the our high-volatility sentiment trading Breakout2 strategy: article and webinar recording.

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