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We Like Joining the Crowd and Buying Euro Here

We Like Joining the Crowd and Buying Euro Here

David Rodriguez, Head of Product
We Like Joining the Crowd and Buying Euro Here

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

EURUSDForex trading crowds have bought aggressively into Euro weakness as it nears critical support versus the US Dollar, and the sharp shift warns of volatility ahead.

Trade Implications – EURUSD: We most often go against the crowd; if everyone’s recently bought we like to sell and vice versa. Yet the issue is that extremely low forex volatility gives little reason to expect a major Euro breakdown here. And in fact, the retail trading crowd is often on the right side of major reversals in low-volatility environments.

We’re cautiously bullish the EURUSD until we see a bigger shift in market conditions. A break below $1.35 would obviously negate this bias and be accompanied by a jump in broader market volatility.

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

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

We Like Joining the Crowd and Buying Euro Here

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