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Euro May Finally Break Higher

Euro May Finally 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 are selling aggressively into Euro gains versus the US Dollar, and a contrarian view of crowd sentiment suggests that the EUR/USD could soon break above range highs. The major caveat is straightforward—retail traders tend to do well when prices remain stuck in tight ranges. Thus it is entirely possible that the crowd is ‘right’ to sell the Euro at range highs and before it once again turns lower.

These reversals are nonetheless only clear in hindsight. It’s possible the Euro reverses lower of course, but current sentiment suggests that a breakout may finally be at hand.

See next currency section: GBPUSD - British Pound on Verge of Major Reversal

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