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Euro Forecast to Fall Further on Post-ECB Sentiment Shift

Euro Forecast to Fall Further on Post-ECB Sentiment Shift

2011-02-03 16:07:00
David Rodriguez, Head of Product
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View individual currency SSI charts in our FX Sentiment section

Currency trading crowds have swiftly shifted directions on the Euro/US Dollar currency pair, buying aggressively into Euro losses on the heels of the European Central Bank interest rate announcement. The fast shift gives us contrarian signal that the EURUSD may continue lower through upcoming trade, effectively offsetting our previous calls for Euro strength. Yet sudden US Dollar gains are relatively restricted to the Euro and Swiss Franc, and our overall contrarian bias suggests the USD could continue lower against the Japanese Yen and Canadian Dollar. The next 24 hours of price action should be quite eventful with US Nonfarm Payrolls on tap, and the Greenback is likely to move significantly on any surprises out of the highly-anticipated news announcement.

View an FXCM Expo presentation on the Speculative Sentiment Index for better understanding on how we use it in our trading.

ssi_table_story_body_Picture_5.png, Euro Forecast to Fall Further on Post-ECB Sentiment Shift

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