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Major Shift Points to Further Euro Losses

Major Shift Points to Further Euro Losses

David Rodriguez, Head of Product
Major Shift Points to Further Euro Losses

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

EURUSDRetail FX traders have taken profit aggressively into the Euro’s recent slide, and crowds are now their least short EURUSD since it bottomed near $1.35 in early February.

Trade Implications – EURUSD: We’ve remained steadily in favor of going against the crowd and buying into Euro strength. Yet the substantial weekly swing warns that the pair may have set an important short-term top and could trade lower.

Our purely sentiment-based Momentum2 strategy has now sold from $1.3842, while our Senior Strategist writes that the turn lower leaves the near-term trend bias to the downside. We’re wary of over-committing to the turn given forex volatility near record lows, but we thus far see evidence of a material shift in sentiment and potentially price.

See next currency section: GBPUSD - British Pound Rally Likely to Remain Intact versus Dollar

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

Major Shift Points to Further Euro Losses

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

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