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Euro at Clear Risk for Further Declines

Euro at Clear Risk for Further Declines

David Rodriguez, Head of Product
Euro at Clear Risk for Further Declines

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

See a video on why we use the Speculative Sentiment Index as a contrarian indicator in our trading

EURUSD – The Euro has fallen sharply against the US Dollar, and our retail FX trader sample shows that traders are buying into EUR/USD declines. Traders remain marginally net-short as they have been since the EUR traded to $1.40 through May, 2014. Yet the most recent shift towards buying acts as contrarian signal that the Euro may continue lower.

Ideally we would see a more pronounced shift in sentiment before turning in favor of selling into Euro weakness, but as it stands we may be at the cusp of a much larger turn lower for the EUR/USD.

See next currency section: GBPUSD - British Pound Forecast to Hit Fresh Lows

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

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