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Clear Euro Direction May Wait Break of $1.2875

Clear Euro Direction May Wait Break of $1.2875

David Rodriguez, Head of Product
ssi_eur-usd_body_Picture_14.png, Clear Euro Direction May Wait Break of $1.2875

EURUSD – Choppy price action has led to similarly directionless forex trader sentiment, and Euro/US Dollar positioning is mostly unchanged since last week. The fact that trading crowds have most recently bought into EURUSD declines gives us a modestly bearish bias.

Trade Implications – EURUSD: Our SSI-based ‘Momentum2’ most recently bought the Euro only to be stopped out as the pair broke lower. Our sentiment-based trading strategies tend to do well in times of strong volatility and/or market trends, and we may need to see a EURUSD break above $1.3064 or below $1.2875 to see an acceleration in either direction.

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

To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.

ssi_eur-usd_body_1a.png, Clear Euro Direction May Wait Break of $1.2875

View how to automate the high-volatility Breakout2 Trading System via our previous article and webinar recording.

Auto trade the trend reversal-trading Momentum2system via our previous article and webinar recording.

Trade with strong trends via our Momentum1 Trading System and view an archived webinar

Use our counter-trend Range2 Trading system and view an archived webinar guide on automation

New to FX markets? Learn more in our video trading guide.

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

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