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Euro Forecast Turns Bearish Below $1.36

Euro Forecast Turns Bearish Below $1.36

David Rodriguez, Head of Product
ssi_eur-usd_body_Picture_8.png, Euro Forecast Turns Bearish Below $1.36

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EURUSDRetail FX traders remain heavily short the Euro versus the US Dollar, but a sharp shift towards buying warns that the EURUSD may have set a significant top.

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

ssi_eur-usd_body_Picture_9.png, Euro Forecast Turns Bearish Below $1.36

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

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