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Euro at Major Inflection Point

Euro at Major Inflection Point

David Rodriguez, Head of Product
Euro at Major Inflection Point

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EURUSDAn important shift in forex trader sentiment warns that the Euro may soon bounce versus the high-flying US Dollar.

Trade Implications – EURUSD: The majority of retail traders have remained long EURUSD since it traded below $1.36, but traders have actually shifted towards selling in recent weeks. Last week we warned that the Euro would likely bounce as long as price remained above $1.2860. Traders briefly sent the EURUSD to fresh lows, but a fresh divergence in price and sentiment suggests that declines may not last. If we see traders turn net-short Euro, it would help confirm that a reversal is underway.

See next currency section: GBPUSD - GBP May Bounce, but Wait until After Scotland

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

Euro at Major Inflection Point

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

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