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Violent Euro Rally Warns that Downtrend is Over

Violent Euro Rally Warns that Downtrend is Over

David Rodriguez, Head of Product

Why and how do we use the SSI in trading? View our video and download the free indicator here

EURUSD – Retail FX traders have sold aggressively into today’s Euro rally versus the US Dollar, and our data shows that ‘the crowd’ is now net-short EUR/USD for the first time in a month. A contrarian view of popular sentiment suggests that the Euro could rally to further highs.

And indeed we had seen many of the same traders remain net-long with few interruptions since the pair crossed below $1.14 in September. It’s certainly possible that this is another brief interruption within the context of a larger EUR/USD downtrend, but the aggressive shift in sentiment warns that the trend likely turned.

See next currency section: GBPUSD - British Pound Remains in Clear Downtrend, Losses Likely

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