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Major FX Shift Warns Euro may have Topped versus US Dollar

Major FX Shift Warns Euro may have Topped versus US Dollar

David Rodriguez, Head of Product

- Forex traders have shifted from a record Dollar long to selling into its recent bounce

- European currencies are particularly at risk of further weakness

- Beginning of the New Year may set the pace for the rest of 2014

Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.

View individual currency sections:

EURUSD - Euro at Major Risk of Further Declines

GBPUSD - Looking for British Pound Weakness to Buy the Dip

USDJPY - Yen Weakness May Not Be Finished in Early-2014

Gold - Peaks Below $1200 but Might See a Small Rebound First

SPX500 - S&P 500 Needs to Show its True Colors

AUDUSD - Australian Dollar Still Looks like a Sell

Weekly Summary of Forex Trader Sentiment and Changes in Positioning

ssi_table_story_body_Picture_5.png, Major FX Shift Warns Euro may have Topped versus US Dollar

Retail forex traders have bought aggressively into recent Euro weakness versus the US Dollar, and the substantial shift in forex sentiment warns that the EURUSD may yet continue lower. Indeed last week we highlighted that ‘the crowd’ was at its most net-short Euro on record. Yet many of the same traders seem to have capitulated and are now buying into the EUR tumble.

See specific US Dollar forecasts in the sections above, and sign up for future e-mail updates via this author’s e-mail distribution list.

ssi_table_story_body_Chart_1.png, Major FX Shift Warns Euro may have Topped versus US Dollarssi_table_story_body_Chart_2.png, Major FX Shift Warns Euro may have Topped versus US Dollarssi_table_story_body_Picture_8.png, Major FX Shift Warns Euro may have Topped versus US Dollar

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--- Written by David Rodriguez, Quantitative Strategist for

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