Euro Forecast Turns Bearish Below $1.36
Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.
Trade Implications – EURUSD: It’s certainly possible that the recent EUR pullback is a mere correction within a larger uptrend, and indeed our Senior Technical Strategist warns that the EURUSD may soon “rip” higher.
Yet our proprietary retail positioning data shows total EURUSD long positions have risen a noteworthy 27 percent since last week, while short positions have fallen a comparable 16 percent. Today’s move below the key $1.3600 level may be the start of a larger decline, and the shift in retail sentiment further warns that we may be at an important turning point.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
Automate our SSI-based trading strategies via Mirror Trader free of charge
To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.
Contact David via
Twitter at http://www.twitter.com/DRodriguezFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.