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Euro is an Attractive Buy at these Levels

Euro is an Attractive Buy at these Levels

2014-07-10 15:15:00
David Rodriguez, Head of Product
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Euro is an Attractive Buy at these Levels

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EURUSDThe Euro remains in a tight trading range versus the US Dollar, and the fact that retail traders are net-short the EURUSD acts as contrarian signal the pair may bounce off of lows.

Trade Implications – EURUSD: With FX volatility prices near record-lows we think it is unlikely the Euro/US Dollar breaks significantly beyond its narrow trading range between $1.3580 and $1.3700.

Traders have remained net-short the EURUSD since the pair set a low near $1.35 in early June, and a contrarian view of crowd sentiment favors gains. The fact that we trade almost squarely at the bottom of the pair’s monthly range makes a long position attractive against $1.3580.

See next currency section: GBPUSD - British Pound Rally not Done Just Yet

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

Euro is an Attractive Buy at these Levels

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