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Euro Forecast to Fall even Further versus US Dollar

Euro Forecast to Fall even Further versus US Dollar

2016-10-17 14:35:00
David Rodriguez, Head of Product
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Euro Forecast to Fall even Further versus US Dollar

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

EURUSD – Retail FX traders have bought aggressively into recent Euro weakness against the US Dollar, and a contrarian view of ‘crowd’ sentiment leaves us watching for further EUR/USD declines. The key caveat is straightforward—the EUR has thus far remained above key support near seven-month lows of $1.09.

A sustained breakdown could ‘launch’ a much more important decline towards year-to-date lows and eventually decade-plus support near $1.05.

In the meantime we will keep a close eye on how the EUR/USD trades at key support levels, and as long as ‘the crowd’ continues to buy we will call for further weakness..

See next currency section: GBPUSD - British Pound Remains a Sell until this Changes

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