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Until this Changes We’ll Watch for Euro Strength

Until this Changes We’ll Watch for Euro Strength

David Rodriguez, Head of Product
Until this Changes We’ll Watch for Euro Strength

Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.

EURUSDRetail FX traders continue selling aggressively into Euro strength, and a contrarian view of crowd sentiment leaves us steadily in favor of EURUSD gains.

Trade Implications – EURUSD: A quiet month of April has kept the single currency in a tight range, and though it trades near multi-year highs we note that EURUSD upward momentum is slowing.

As long as crowds continue selling we’ll continue to watch for further Euro gains. Our Senior Technical Strategist writes that a Euro test of resistance at $1.3966 and perhaps $1.4000 seems likely before an important reversal.

See next currency section: GBPUSD - British Pound Likely to Trade to Fresh Peaks

--- Written by David Rodriguez, Quantitative Strategist for

Until this Changes We’ll Watch for Euro Strength

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