FOREX ANALYSIS: Euro Forecast Remains Bullish as Crowds Sell

ssi_eur-usd_body_Picture_7.png, FOREX ANALYSIS: Euro Forecast Remains Bullish as Crowds Sell

Retail forex traders remain heavily long the US Dollar (ticker: USDOLLAR) against the Euro and most major counterparts—providing consistent contrarian signal that the USD may hit further lows. Indeed, the Euro now trades at 8-month highs as there are nearly 3 retail traders short for every one that is long.

Our SSI-based trading strategies recently closed their EURUSD-long positions out at a gain, and consistent crowd sentiment leaves is in favor of further EURUSD strength.

--- 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
    1.3573-0.001-0.08%
    USDSGD=X
    1.4917-0.0005-0.03%
    EURSGD=X
    1.7830+0.0019+0.11%
    GBPSGD=X
    77.3650+0.302+0.39%
    SGDJPY=X
    5.7125+0.0033+0.06%
    SGDHKD=X
    2.9912+0.001+0.03%
    SGDMYR=X
    9,676.7900-18.3896-0.19%
    SGDIDR=X
    4.9146+0.0053+0.11%
    SGDCNY=X
    1.0199+0.0002+0.02%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,317.50-3.30-0.25%
    GCQ16.CMX
    19.64-0.04-0.22%
    SIU16.CMX
    103.00+3.11+3.11%
    ^XAU
    2.220.00-0.07%
    HGU16.CMX
    42.72-0.20-0.47%
    CLU16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.140.00
    ^FVX
    1.56-0.01
    ^TNX
    2.28-0.01
    ^TYX

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