Euro Finally Shows Signs of a Lasting Turn
Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.
Trade Implications – EURUSD: Trader positioning and sentiment has been exceptionally choppy in recent weeks, but we have maintained a mostly bearish Euro trading bias given a clear broader downtrend. Since last week, however, we’ve seen short positions jump higher while long positions are down.
Ideally we would see a sustained shift towards retail crowd selling before buying into EURUSD gains, but early signs suggest that the single currency may have set a lasting low versus the US Dollar.
See next currency section: GBPUSD - British Pound Declines Slow but not Over Yet
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
Automate our SSI-based trading strategies via Mirror Trader free of charge
To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.
Contact David via
Twitter at http://www.twitter.com/DRodriguezFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.