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Euro May Have Turned the Corner

Euro May Have Turned the Corner

2014-01-23 15:25:00
David Rodriguez, Head of Product
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ssi_eur-usd_body_Picture_12.png, Euro May Have Turned the Corner

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EURUSDRetail forex traders have sold into recent Euro strength versus the US Dollar, and a contrarian view of crowd sentiment favors further EURUSD gains.

Trade Implications – EURUSD: An important shift towards crowd EURUSD-selling has led our contrarian Momentum2trading strategy to get long from $1.3633. Indeed, total crowd short positions have risen a noteworthy 14 percent overnight, while long positions have fallen 19 percent.

Our Senior Currency Strategist writes that the Euro may be an important cyclical turning point, and a move above important EURUSD resistance at $1.3745 would confirm calls for continued Euro strength.

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

ssi_eur-usd_body_Picture_11.png, Euro May Have Turned the Corner

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

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