We Like Trading the Euro Higher
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Trade Implications – EURUSD: When the crowd is so heavily positioned to the short side, we see little choice but to favor further gains. Indeed our SSI-based Momentum2 strategy remains long EURUSD from $1.3627.
The crowd is often most short at major market tops, but it’s critical to note that sentiment extremes are only clear in hindsight. We remain bullish the Euro against the US Dollar until further notice.
--- 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.