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Euro Will Pull Back Eventually, but our System Forecasts Gains

Euro Will Pull Back Eventually, but our System Forecasts Gains

2016-02-11 17:30:00
David Rodriguez, Head of Business Development
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Euro Will Pull Back Eventually, but our System Forecasts Gains

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

EURUSD – Our retail forex trader data gives signal that the Euro may continue to rally versus the US Dollar, and indeed the same analysis helped confirm the EUR/USD breakout was the ‘real deal’ as of last week.

There are currently 2.0 open EUR/USD trades for every one long, and a contrarian view of retail crowd sentiment leaves us watching for continued gains. Clearly markets don’t move in a straight line, and a massive month-to-date Euro rally makes near-term corrections likely. Yet it would take a substantial shift in forex trader positioning to water down our bullish trading bias.

See next currency section: GBPUSD - British Pound Likely to Trade Lower

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

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