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Euro Targets $1.35, US Dollar Aims for ¥85 as Crowds Turn

Euro Targets $1.35, US Dollar Aims for ¥85 as Crowds Turn

2012-02-23 16:00:00
David Rodriguez, Head of Product
Share:
ssi_table_story_body_Picture_5.png, Euro Targets $1.35, US Dollar Aims for ¥85 as Crowds Turn

Forex trading crowds remain aggressively long the US Dollar (ticker: USDOLLAR) against the Euro and other currencies; we target EURUSD $1.3550 on clearly one-sided crowd sentiment.

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.

ssi_table_story_body_Picture_6.png, Euro Targets $1.35, US Dollar Aims for ¥85 as Crowds Turn

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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