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Euro Will Pull Back Eventually, but our System Forecasts Gains

Euro Will Pull Back Eventually, but our System Forecasts Gains

David Rodriguez, Head of Product
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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