FOREX ANALYSIS: Crowds Sell Euro, We Favor Gains

ssi_eur-usd_body_Picture_6.png, FOREX ANALYSIS: Crowds Sell Euro, We Favor Gains

Retail forex trading crowds have sold aggressively into Euro strength against the US Dollar (ticker: USDOLLAR), and indeed short interest has hit fresh year-to-date peaks. We most often take a contrarian view to crowd sentiment; if most traders are short, we prefer to go long. And indeed we see risks that the EURUSD continues to trade above the psychologically significant $1.30 mark.

Two of our SSI-based trading strategies have most recently gone long EURUSD from 1.2944 and 1.2984, but it remains important to watch how the Euro reacts to key resistance near the $1.3130 figure.

--- 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.
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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3753-0.0011-0.08%
    USDSGD=X
    1.4845-0.0054-0.36%
    EURSGD=X
    2.0327-0.0049-0.24%
    GBPSGD=X
    87.3864+0.0971+0.11%
    SGDJPY=X
    5.6385+0.0043+0.08%
    SGDHKD=X
    2.7014+0.0035+0.13%
    SGDMYR=X
    9,527.0127+10.5156+0.11%
    SGDIDR=X
    4.5112-0.00010.00%
    SGDCNY=X
    1.0503-0.0028-0.27%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,181.80-3.00-0.25%
    GCJ15.CMX
    16.51-0.16-0.98%
    SIK15.CMX
    66.52-1.21-1.78%
    ^XAU
    2.77-0.01-0.38%
    HGK15.CMX
    47.99-0.69-1.42%
    CLK15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.420.00
    ^FVX
    1.96+0.01
    ^TNX
    2.56+0.03
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.2850.0000.00%
    5WA.SI
    0.132-0.002-1.49%
    E13.SI
    4.37+0.01+0.23%
    Z74.SI
    0.171+0.001+0.59%
    5GB.SI
    0.935+0.005+0.54%
    N21.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.15+0.04+36.36%
    5IF.SI
    0.169+0.019+12.67%
    5PI.SI
    0.275+0.020+7.84%
    S46.SI
    0.166+0.011+7.10%
    40F.SI
    0.79+0.04+5.33%
    AGS.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.106-0.023-17.83%
    H16.SI
    0.185-0.040-17.78%
    5TS.SI
    0.23-0.05-16.36%
    41H.SI
    0.20-0.02-9.09%
    5G1.SI
    0.455-0.040-8.08%
    C13.SI