Why and how do we use the SSI in trading? View our video and download the free indicator here
EURUSD – Retail FX traders remain aggressively long the Euro versus the US Dollar, and a contrarian view of crowd sentiment warns that the EUR/USD may continue onto fresh lows. Indeed, it was two weeks ago when we highlighted a key shift in positioning: traders had turned net-long the EUR/USD for the first time since March.
Total long open positions grew by a notable 10 percent since last week, and we will remain in favor of selling the EUR/USD as long as crowds continue to buy. It will be important to watch reactions at near-term support in the $1.0814-44 range, while comparable resistance extends through $1.0932 and $1.10.
See next currency section: GBPUSD - British Pound at Risk of Continued Declines
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
