FOREX ANALYSIS: Euro Forecast to Rally as Crowds Sell

ssi_eur-usd_body_Picture_5.png, FOREX ANALYSIS: Euro Forecast to Rally as Crowds Sell

Retail forex trading crowds have consistently sold the Euro against the US Dollar (ticker: USDOLLAR), and our sentiment-based trading strategies continue to buy into EURUSD strength. Indeed, traders first turned net-short the Euro as it crossed above the $1.27 mark through mid-November and the pair now trades near 8-month highs.

Given the strong EURUSD uptrend and clearly one-sided crowd sentiment, we remain in favor of buying Euro dips against the US Dollar.

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

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    0.7686-0.0027-0.36%
    AUDUSD=X
    0.6158+0.0015+0.24%
    AUDGBP=X
    0.7257-0.0032-0.44%
    AUDEUR=X