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Euro Poised to Test Key Highs

Euro Poised to Test Key Highs

2013-06-06 15:50:00
David Rodriguez, Head of Product
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ssi_eur-usd_body_Picture_11.png, Euro Poised to Test Key Highs

EURUSD – Retail FX trading crowds have aggressively sold the Euro against the suddenly-downtrodden US Dollar, and our contrarian view of crowd sentiment leaves us plainly in favor of further declines.

Trade Implications – EURUSD: Our sentiment-based trading strategies recently bought the EURUSD from $1.3039 and $1.3085 as crowds do the opposite—I think the trades stand to do well as the Dollar weakens more broadly.

I wrote (and spoke) yesterday in favor of a US Dollar short position versus the Yen and other major counterparts—so far so good. It will be important to watch how the Euro reacts when/if it hits critical congestion resistance and a key 50% Fibonacci retracement mark at $1.3250.

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

ssi_eur-usd_body_1a.png, Euro Poised to Test Key Highs

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