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Substantial Swing in Forex Sentiment Warns of Euro Losses

Substantial Swing in Forex Sentiment Warns of Euro Losses

David Rodriguez, Head of Product
Substantial Swing in Forex Sentiment Warns of Euro Losses

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EURUSDA substantial swing in Euro/US Dollar trader positioning warns that the Euro likely set an important top, and a continued shift in sentiment warns of further EURUSD losses.

Trade Implications – EURUSD: Last week we wrote of the risk of a Euro turnaround on the major shift in sentiment and noted that our purely sentiment-based Momentum2 trading strategy had sold from $1.3842.

The break below trendline support and the sharp shift in sentiment adds further conviction to our calls for declines. Our Senior Technical Strategist sees scope for a Euro depreciation into $1.3294. The fact that retail trader long positions have grown by a substantial 130 percent further warns of weakness.

See next currency section: GBPUSD - British Pound at Pivotal Price Levels, Next Move is Key

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

Substantial Swing in Forex Sentiment Warns of 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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