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
    1.3612+0.0039+0.29%
    USDSGD=X
    1.5247+0.0052+0.34%
    EURSGD=X
    2.0993+0.008+0.38%
    GBPSGD=X
    87.7154-0.2603-0.30%
    SGDJPY=X
    5.6975-0.0163-0.29%
    SGDHKD=X
    2.6535-0.0004-0.01%
    SGDMYR=X
    9,544.1094+65.0117+0.69%
    SGDIDR=X
    4.6044-0.0059-0.13%
    SGDCNY=X
    1.0636+0.0052+0.49%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,214.30+3.30+0.27%
    GCM15.CMX
    16.56-0.07-0.42%
    SIK15.CMX
    76.93+1.09+1.44%
    ^XAU
    2.67-0.03-0.95%
    HGK15.CMX
    48.91+0.74+1.54%
    CLJ15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.54+0.01
    ^FVX
    2.04+0.02
    ^TNX
    2.64+0.03
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.975-0.085-8.02%
    N21.SI
    0.405-0.005-1.22%
    E5H.SI
    0.280.000.00%
    5WA.SI
    0.70-0.01-1.41%
    Y92.SI
    0.985+0.005+0.51%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.17+0.03+21.43%
    40B.SI
    0.24+0.02+11.63%
    B1N.SI
    0.625+0.060+10.62%
    L5I.SI
    0.80+0.07+9.59%
    533.SI
    0.24+0.02+9.09%
    D79.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.42-0.04-8.70%
    CH8.SI
    0.105-0.010-8.70%
    J8O.SI
    0.14-0.01-8.50%
    5TJ.SI
    0.975-0.085-8.02%
    N21.SI
    0.29-0.03-7.94%
    AFC.SI