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Euro Targets Fresh Multi-Year Lows

Euro Targets Fresh Multi-Year Lows

2014-11-06 16:10:00
David Rodriguez, Head of Product
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Euro Targets Fresh Multi-Year Lows

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EURUSDRetail FX Traders continue to buy into Euro weakness versus the US Dollar, and until we see a material shift in sentiment we will maintain our contrarian calls for further EURUSD losses.

Trade Implications – EURUSD: Last week we cited a build in crowd EURUSD buying and broader US Dollar selling as a key reason we might expect further moves. And indeed ‘the herd’ is further net-long Euro than it was at the same point last week. Our market cycle specialist cites a break below $1.2440 as further indication that the Euro may continue lower.

See next currency section: GBPUSD - British Pound at Potentially Critical Turning Point

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

Euro Targets Fresh Multi-Year Lows

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