Euro Forecast to Trade to Fresh Peaks; Our Systems Buy
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EURUSD – Retail FX traders are near their most short Euro against the US Dollar on record, leaving our contrarian sentiment-based trading strategies long the EURUSD.
Trade Implications – EURUSD: We’ve remained in favor of US Dollar weakness more broadly as crowds continue to buy (sell EURUSD). Our sentiment-based Momentum2 strategy is currently long from $1.3627, and we like the position as the Euro takes out major resistance.
Our Senior Technical Strategist writes that it could take a Euro break below $1.3436 to turn outlook bearish on the resurgent EURUSD. In the meantime we’ll watch for further strength.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.