Euro Targets $1.35, US Dollar Aims for ¥85 as Crowds Turn
- EURUSD – Euro Targets Highs on Crowd Sentiment
- GBPUSD – British Pound Offers Range Trading Nirvana
- USDJPY – US Dollar targets ¥85 against the Yen
- USDCHF – Swiss Franc Likely to Strengthen Further
- USDCAD – Canadian Dollar Sticks to Range
- GBPJPY – British Pound Likely Reversed vs JPY
Crowds continue selling into EURUSD strength and generally buying US Dollar weakness across the board. The clear exception is the Japanese Yen where traders are actually their least net-long USDJPY since the pair traded above ¥85. We subsequently call for further EURUSD and USDJPY rallies.
Forecasts for the British Pound and other currencies are admittedly less clear, but our general trading biases suggest the Greenback could continue to decline through upcoming trading.
View an FXCM Expo presentation on the Speculative Sentiment Index for better understanding on how we use it in our trading.
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--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.