Euro Likely to Test Critical Resistance, Next Move is Key
NEW: View Real-Time SSI Updates via the FXCM Trading Station Desktop
EURUSD – Retail forex traders have sold aggressively into Euro’s recent bounce versus the US Dollar, and a contrarian view of crowd sentiment points to further EUR/USD gains. Indeed, the retail FX crowd has remained net-short EUR versus the US Dollar since it traded near $1.05 in March. A real look at volumes highlights the $1.12 level as a major resistance level in the way of further gains, but a break above would likely target a return towards comparable resistance near $1.14.
See next currency section:GBPUSD - British Pound at Risk of Renewed Declines on a Failure Here
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