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EURUSD – A strong majority of retail FX traders have sold into the Euro’s advance versus the US Dollar, and a contrarian view of crowd sentiment leaves our focus higher.
Trade Implications – EURUSD: Our technical focus for the Euro/Dollar exchange rate remains at key congestion and Fibonacci resistance at $1.3900; a move above would further support calls for larger EURUSD gains. Only a material shift towards retail crowd buying would change our overall bullish forecast.
See next currency section: GBPUSD - British Pound Gains are Slowing but Not Likely Over
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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