Forex Analysis: Euro May Have Set Important Top
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One of our proprietary sentiment-based trading strategies has recently gone short EURUSD on an important week-over-week change in trading crowd positioning. And though it’s always risky to trade reversals, early signs favor EURUSD weakness.
Yet we’ve seen the opposite US Dollar trading signal for the AUDUSD; our systems have most recently turned in favor of strength. The USD may likewise see weakness against the downtrodden Japanese Yen as the risk of correction is significant.
--- 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.