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Euro Likely Turns the Corner on Key Warning Signs

Euro Likely Turns the Corner on Key Warning Signs

David Rodriguez, Head of Product
Euro Likely Turns the Corner on Key Warning Signs

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EURUSDA noteworthy Euro rally looks set to continue as retail FX trading crowds aggressively flip direction and sell into EURUSD gains. A contrarian view of sentiment leaves us in favor of gains.

Trade Implications – EURUSD: Traders in our sample had been consistently long the Euro as it plunged to fresh decade lows versus the US Dollar, and we wrote steadily in favor of selling into EURUSD weakness. Yet the recent correction occurs amid signs of a potentially significant US Dollar turnaround.

Traders are now heavily net-short the Euro versus the Greenback, and a contrarian view of crowd sentiment leaves us watching for continued Euro gains.

See next currency section: GBPUSD - British Pound Likely to Rally Further as Dollar Turns

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

Euro Likely Turns the Corner on Key Warning Signs

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

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