Euro Decline May Offer Opportunity to Get Long
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Trade Implications – EURUSD: There are over 2 retail traders short Euro for every one long, and as long as crowds continue selling we’ll continue to watch for further EURUSD gains. Indeed, our Senior Technical Strategist sees evidence that the recent Euro intraday tumble completed a short-term correction, and further upside seems likely.
Our sentiment-based Momentum2strategy has had mixed results trading the Euro, but the system is once again likely to get long EURUSD as crowds sell into 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.