Forex Analysis: Trading Systems buy Euro versus US Dollar

ssi_eur-usd_body_Picture_5.png, Forex Analysis: Trading Systems buy Euro versus US Dollar

EURUSD - Retail forex trading crowds remain heavily long the US Dollar (ticker: USDOLLAR) versus the Euro and other major counterparts, and a contrarian view of crowd sentiment favors continued EURUSD gains. Indeed, the FXCM Speculative Sentiment Index for the Euro stands at -2.3 as there are 2.3 traders short for every long.

Trade Implications – EURUSD: One of our sentiment-based trading strategies has most recently bought the Euro from $1.3323 with a trailing stop at the 24-hour low at approximately $1.3270. A noteworthy jump in FX volatility suggests the trade has a reasonable chance of success. , but it will be important to watch whether the Euro can clear recent reaction highs at the psychologically significant $1.34 mark.

--- 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 MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.172+0.001+0.58%
    N21.SI
    0.925+0.005+0.54%
    G13.SI
    0.169+0.005+3.05%
    5DM.SI
    0.184-0.001-0.54%
    40E.SI
    0.420.00+1.20%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.225+0.035+18.42%
    BTJ.SI
    0.255+0.035+15.91%
    AWI.SI
    0.40+0.05+14.29%
    L5I.SI
    0.58+0.05+9.43%
    BHU.SI
    0.169+0.014+9.03%
    AWS.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.33-0.23-41.07%
    MR8.SI
    0.15-0.03-18.48%
    5MQ.SI
    0.205-0.015-6.82%
    AXH.SI
    0.225-0.015-6.25%
    1C3.SI
    0.26-0.02-5.45%
    S29.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.4228+0.0069+0.49%
    USDSGD=X
    1.5176+0.0013+0.09%
    EURSGD=X
    1.7479-0.0077-0.44%
    GBPSGD=X
    79.7120+0.134+0.17%
    SGDJPY=X
    5.4502-0.0258-0.47%
    SGDHKD=X
    3.1243-0.0272-0.86%
    SGDMYR=X
    9,410.5244-51.5234-0.54%
    SGDIDR=X
    4.8049-0.034-0.70%
    SGDCNY=X
    1.0732+0.003+0.28%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,212.70-0.20-0.02%
    GCG17.CMX
    17.17+0.02+0.10%
    SIH17.CMX
    89.10
    ^XAU
    2.61-0.01-0.48%
    HGH17.CMX
    51.41-1.07-2.04%
    CLG17.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.87
    ^FVX
    2.38
    ^TNX
    2.98
    ^TYX