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Euro May have Set Significant Top

Euro May have Set Significant Top

2013-10-31 14:50:00
David Rodriguez, Head of Product
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ssi_eur-usd_body_Picture_8.png, Euro May have Set Significant Top

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EURUSDRetail traders had recently become their most short Euro on record, and we have consistently remained in favor of further rallies. Yet a significant shift warns that the EURUSD continues lower.

Trade Implications – EURUSD: Retail short interest in the Euro has fallen a significant 25 percent since last week, while long interest is up 30 percent. Timing major market reversals is very difficult, but the sharp shift has led our sentiment-based Momentum2 to sell the Euro from $1.3737.

It’s important to note that the vast majority of traders remain short—usually enough to keep us bullish. Yet our Senior Market Strategist notes that an aggressive EURUSD decline below $1.3655 may warn of a bigger correction.

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

ssi_eur-usd_body_Picture_9.png, Euro May have Set Significant Top

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

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