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Euro Targets Fresh Lows on Forex Trading Crowd Sentiment

Euro Targets Fresh Lows on Forex Trading Crowd Sentiment

2012-01-05 16:10:00
David Rodriguez, Head of Product
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ssi_table_story_body_Picture_5.png, Euro Targets Fresh Lows on Forex Trading Crowd Sentiment

Forex trading crowds have sold aggressively into US Dollar (ticker: USDOLLAR) rallies, giving contrarian signal that the Euro/US Dollar pair could fall to fresh lows as the Greenback enjoys a sharp resurgence.

The number of traders long the Euro against the US Dollar jumped a significant 19 percent overnight, while the number short fell 12 percent. The net result is that traders are aggressively long the EURUSD, and such shifts in sentiment quite often precede further Euro losses.

Much the same can be said for the British Pound/US Dollar and other key USD currency pairs; retail trading crowds are aggressively selling the US currency. The sharp shifts in sentiment favor further US Dollar gains.

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_6.png, Euro Targets Fresh Lows on Forex Trading Crowd Sentiment

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

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

To receive the SSI via e-mail and other reports from author David Rodríguez, e-mail subject line “Distribution List” to drodriguez@dailyfx.com

Contact David via Twitter at http://www.twitter.com/DRodriguezFX

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

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