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Forex Analysis: Euro May Have Set Important Top

David Rodriguez

An important turn in US Dollar (ticker: USDOLLAR) trading sentiment warns that the EURUSD set an important top, while the USDJPY and AUDUSD see key risks of correction.

View individual currency sections:

EURUSD - Trading Systems Sell Euro on Major Sentiment Shift

GBPUSD - British Pound Sentiment Warns of Continued Weakness

USDJPY - Japanese Yen At Clear Risk of Correction

USDCHF - Swiss Franc Outlook Remains Bullish

USDCAD - Canadian Dollar Forecast to Strengthen

AUDUSD - Australian Dollar Forecast Turns Positive

ssi_table_story_1_body_Picture_5.png, Forex Analysis: Euro May Have Set Important Top
ssi_table_story_1_body_Picture_5.png, Forex Analysis: Euro May Have Set Important Top

One of our proprietary sentiment-based trading strategies has recently gone short EURUSD on an important week-over-week change in trading crowd positioning. And though it’s always risky to trade reversals, early signs favor EURUSD weakness.

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Yet we’ve seen the opposite US Dollar trading signal for the AUDUSD; our systems have most recently turned in favor of strength. The USD may likewise see weakness against the downtrodden Japanese Yen as the risk of correction is significant.

ssi_table_story_1_body_Picture_6.png, Forex Analysis: Euro May Have Set Important Top
ssi_table_story_1_body_Picture_6.png, Forex Analysis: Euro May Have Set Important Top

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

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