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EURUSD – Retail crowds have sold aggressively into Euro strength versus the US Dollar, and a contrarian view of crowd sentiment leaves us in favor of further gains.
Trade Implications – EURUSD: The Euro’s move above key resistance at $1.3820 leaves our Senior Strategist looking for a move to $1.3900 and $1.3940. And indeed two of our contrarian sentiment-based trading strategies are now long EURUSD from $1.3849 and $1.3727. A continued build in crowd selling would keep us looking for further Euro strength.
— Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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