Euro May have Set Significant Low versus the Dollar
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Trade Implications – EURUSD: Last week we highlighted a key number of factors which favored a potentially significant Euro turnaround. And yet the single currency fell further into the final trading day of the quarter and the month of September. The fact that it has yet to drop below $1.2570 may be significant.
We see early signs that the crowd is switching directions—a clear requisite before we look to buy. The next move may prove pivotal, and we would turn bullish if retail traders turn net-short the Euro versus the USD.
See next currency section: GBPUSD - British Pound Remains in Clear Downtrend
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.