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Euro Looks like a Buy, but Watch Reactions at $1.12

Euro Looks like a Buy, but Watch Reactions at $1.12

David Rodriguez, Head of Product

NEW: View Real-Time SSI Updates via the FXCM Trading Station Desktop

EURUSD – Retail FX traders remain aggressively short the Euro versus the US Dollar, and a contrarian view of crowd sentiment has kept us consistently bullish the EUR/USD. Last week we noted key volume-based resistance at $1.12 as the next key short-term target, and indeed the pair trades just below. The caveat remains that failure at $1.12 leaves the pair susceptible to a return towards comparable support at $1.10.

See next currency section: GBPUSD – British Pound at Continued Risk of Declines Until this Changes

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