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US Dollar Likely Set Important Top versus Euro

US Dollar Likely Set Important Top versus Euro

2011-10-05 14:57:00
David Rodriguez, Head of Product
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ssi_table_story_body_Picture_8.png, US Dollar Likely Set Important Top versus Euro

A recent shift in forex trading crowd sentiment points to US Dollar (ticker: USDOLLAR) losses against the Euro, underlining a significant change in market positioning and pivotal move for the EURUSD.

Last week we wrote that the US Dollar could soon head for losses as traders showed clear hesitation in key USD pairs and warned of a potential trend shift. Indeed, the Dow Jones FXCM Dollar Index may soon head lower as it breaks key technical support levels.

Watch for further US Dollar losses through upcoming trade. Given the USD’s record correlation to the Dow Jones Industrial Average and broader financial markets, this would imply risks of a noteworthy bounce in stocks.

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_9.png, US Dollar Likely Set Important Top versus Euro

Have further questions on the SSI? Contact our resident SSI expert atinstructor@dailyfx.com

How do we interpret the SSI? Watch anFXCM Expo Presentation that explains the SSI.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

To contact David, e-mail drodriguez@dailyfx.com

To be added to David’s e-mail distribution list for this and other reports, e-mail subject line “Distribution List” to drodriguez@dailyfx.com

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

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