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  • $EURCAD has continued to strengthen today, rising from below 1.5100 by over 50 pips to currently trade above 1.5150, at a six week high. $EUR $CAD https://t.co/sSlYtGCF4r
  • After rising back above the 1.60% level to a high around 1.63% earlier today, US 10yr Treasury yields have moved back lower. They are now trading around an intraday low of 1.56%. $USD https://t.co/5hQglZl4fU
  • Discord has walked away from sale talks with $MSFT now eyeing potential IPO
  • here we go, webinar starting right now 1) USD Q2 Weakness 2) Gold brewing bullish potential? 3) Stonks through initial earnings outlays https://www.dailyfx.com/webinars/643096611 https://t.co/ZzY8QuoCko
  • The Euro has slipped to an intraday low amidst the German Greens surging to a lead over Merkel's CDU in a new poll. $EUR $USD https://t.co/gfvNseRNvc
  • $USDCAD has strengthened today, rising to a one week high near the 1.2600 level. The Canadian Dollar has suffered amidst a drop in oil prices and extended travel restrictions. $USD $CAD https://t.co/O2z7grrFYi
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.55%, while traders in Germany 30 are at opposite extremes with 80.61%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/RVkYfiOzPq
  • In line with the general risk-off sentiment, oil prices have come under notable selling pressure with both Brent and WTI crude futures falling 2-2.5%. Get your #crudeoil market update from @JMcQueenFX here:https://t.co/K0zJL8BFj1 https://t.co/wMn3kNFhwC
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Gold: 0.49% Silver: 0.42% Oil - US Crude: -1.41% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/CqYIho6z47
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.08% 🇯🇵JPY: 0.07% 🇪🇺EUR: 0.04% 🇦🇺AUD: -0.17% 🇬🇧GBP: -0.23% 🇨🇦CAD: -0.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/GC3sr4bk5B
Euro Chops us Up - Watch the Forest from the Trees

Euro Chops us Up - Watch the Forest from the Trees

David Rodriguez, Head of Product
ssi_eur-usd_body_Picture_8.png, Euro Chops us Up - Watch the Forest from the Trees

EURUSD – Exceedingly choppy Euro price action versus the US Dollar (ticker: USDOLLAR) has forced similar indecision in retail forex trading sentiment, but the fact that crowds remain short leaves us in favor of further strength.

Trade Implications – EURUSD: It’s been a frustrating run of weeks for our purely sentiment-based Momentum2 strategy, and today’s extreme price swings serve as a perfect example. The strategy had bought into Euro strength from $1.3069 at 13:01 GMT as retail trader sentiment grew extremely net-short. A long position looked attractive as the pair briefly broke above key resistance at $1.31, but a significant reversal stopped us out in a hurry—Momentum2 is now flat.

Volatility prices on short-dated EURUSD options (our best proxy for market volatility expectations) spiked on the early EUR rally. Yet a decline in longer-dated volatility prices suggests markets are mostly content to keep EURUSD in a tight trading range. Given such choppiness, we put little weight on our mostly trend-following sentiment-based forecasts. Only a sustained break below $1.30 would turn us bearish.

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

ssi_eur-usd_body_1a.png, Euro Chops us Up - Watch the Forest from the Trees

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

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