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FX Traders Sell into Euro Rallies - Watch for a Break Higher

FX Traders Sell into Euro Rallies - Watch for a Break Higher

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 recently sold into Euro gains versus the US Dollar, and a contrarian view of crowd sentiment leaves us watching for further gains. And indeed, we believe that the EUR/USD may continue higher through near-term trading.

It will important to see it clear key resistance near $1.0940 to call for a larger break higher, but as it stands sentiment favors near-term strength.

See next currency section: GBPUSD - British Pound Forecast to Continue Lower

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