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Euro’s Failure to Hold Lows Leaves Risks to Topside

Euro’s Failure to Hold Lows Leaves Risks to Topside

2013-03-21 14:55:00
David Rodriguez, Head of Product
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ssi_eur-usd_body_Picture_15.png, Euro’s Failure to Hold Lows Leaves Risks to Topside

EURUSD – Incredibly choppy Euro price action leaves forex trading crowd positioning near even, and our sentiment-based bias trading bias is roughly neutral until we see a larger break lower.

Trade Implications – EURUSD: Our SSI-based ‘Momentum2’ most recently sold the Euro as retail traders bought into its sell-off versus the US Dollar. Yet a failure to hold below critical support at $1.2875 suggests the Euro’s next move may actually be higher. Indeed, our Senior Technical Strategist believes that buying EURUSD dips into $1.2880/$1.2900 remains attractive as long as we remain above $1.2843.

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

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ssi_eur-usd_body_1a.png, Euro’s Failure to Hold Lows Leaves Risks to Topside

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