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Retail FX Add to EURUSD Shorts on Approach to Former Trend Support

Retail FX Add to EURUSD Shorts on Approach to Former Trend Support

Christopher Vecchio, CFA, Senior Strategist
ssi_eur-usd_1_body_Picture_40.png, Retail FX Add to EURUSD Shorts on Approach to Former Trend Support

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EURUSDThe retail forex crowd has sold aggressively into the recent Euro rally against the US Dollar, and the buildup of US Dollar longs elsewhere suggests the rebound could gather pace.

Trade Implications – EURUSD: The EURUSD is approaching a key area near $1.3680, the confluence of the rising trendline off of the July and November 2013 lows and the falling trendline off of the December 2013 and January 2014 highs. Price has treated this level as resistance thus far and a weekly close above would suggest that the recent downtrend might be exhausted.

Read more: EUR/USD Returns to Weekly Highs – Is EUR/AUD Next to Follow?

--- Written by Christopher Vecchio, Currency Analyst

ssi_eur-usd_1_body_x0000_i1030.png, Retail FX Add to EURUSD Shorts on Approach to Former Trend Support

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To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

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

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