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Euro Nears Turning Point as Sentiment Hits Most Extreme Since 2009

Euro Nears Turning Point as Sentiment Hits Most Extreme Since 2009

2011-03-24 15:38:00
David Rodriguez, Head of Product
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EURUSD - Euro Uptrend Intact but Sentiment Nears Extreme

GBPUSD - British Pound Forecast Unclear Amidst Shift

USDJPY - Japanese Yen Forecast Remains Bullish

USDCHF - Swiss Franc Rallies to Continue

USDCAD - Canadian Dollar Forecast to Rally Further

GBPJPY - British Pound Forecast Less Clear against JPY

Continued US Dollar losses have been met with similarly aggressive trading crowd selling, giving contrarian signal to stay short the Greenback through upcoming trade. Last week we wrote that hints of capitulation warned the USD could soon reverse. Yet markets clearly had other things in mind, and short-term momentum plainly favors further US Dollar declines. Forex futures and options positioning warns of a potential Euro/US Dollar top. It is nonetheless important to stress that sentiment extremes are only truly clear in retrospect. Caution is advised against taking aggressive US Dollar bets in the midst of a strong downtrend.

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 Nears Turning Point as Sentiment Hits Most Extreme Since 2009

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