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Euro Surges, but Why Might the Rally Fizzle?

Euro Surges, but Why Might the Rally Fizzle?

David Rodriguez, Head of Product
ssi_eur-usd_body_Picture_13.png, Euro Surges, but Why Might the Rally Fizzle?

EURUSDRetail forex traders have sold the Euro aggressively against the US Dollar, and total short interest is approaching all-time highs as there are more than 2 traders short for every one long.

Trade Implications – EURUSD: Our forex sentiment-based trading strategies have bought aggressively into recent Euro strength and sold into US Dollar weakness across the board.

Recent outperformance suggests said strategies may continue to do well, but it will be critical to watch whether crowds continue to buy USD weakness (sell EURUSD strength) at key technical levels.

All eyes turn to a critical US Federal Reserve interest rate decision next week. We’ll keep a close eye on FX sentiment and market conditions as it feels as if markets are at a key inflection point. Receive any and all updates on sentiment on my e-mail distribution list via this link.

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

ssi_eur-usd_body_Picture_14.png, Euro Surges, but Why Might the Rally Fizzle?

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

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