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Euro Likely Set Important Short-Term Top

Euro Likely Set Important Short-Term Top

2014-02-27 16:00:00
David Rodriguez, Head of Product
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ssi_eur-usd_body_Picture_12.png, Euro Likely Set Important Short-Term Top

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EURUSDRetail FX traders remain heavily short the Euro and long the US Dollar; the potential for a sentiment and price extreme warns that the EURUSD may have set a short-term top.

Trade Implications – EURUSD: The crowdhas consistently remained short Euro since it bottomed near $1.28 through July. Yet especially one-sided positions warn that an important extreme may be in place.

Crowds are near their most short EUR since it topped in December, and our Senior Strategist points out key technical and time factors that favor near-term weakness. We won’t sell blindly into an uptrend, but early signs of a shift in sentiment leave our Momentum2 strategy short EURUSD from $1.3668.

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

ssi_eur-usd_body_Picture_6.png, Euro Likely Set Important Short-Term Top

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

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