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Euro Likely to Trade to Fresh Highs Versus Dollar

Euro Likely to Trade to Fresh Highs Versus Dollar

David Rodriguez, Head of Product
ssi_eur-usd_body_Picture_14.png, Euro Likely to Trade to Fresh Highs Versus Dollar

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EURUSDRetail FX traders continue selling into recent Euro gains, and a contrarian view of crowd sentiment leaves us firmly in favor of further EURUSD strength.

Trade Implications – EURUSD: Total open EURUSD-short positions outnumber longs by nearly 2 to 1. This is a far cry from the 5 to 1 we saw as the Euro traded to $1.3830, but we’ve seen a 24 percent week-over-week gain in short positions while longs have fallen by 12 percent.

Our sentiment-based Momentum2 strategy most recently went long from $1.3450 only to get stopped out at a modest loss. The strategy nonetheless seems likely to continue buying into Euro strength.

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

ssi_eur-usd_body_Picture_6.png, Euro Likely to Trade to Fresh Highs Versus Dollar

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