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EURUSD – Retail forex traders have sold into recent Euro strength versus the US Dollar, and a contrarian view of crowd sentiment favors further EURUSD gains.
Trade Implications – EURUSD: An important shift towards crowd EURUSD-selling has led our contrarian Momentum2trading strategy to get long from $1.3633. Indeed, total crowd short positions have risen a noteworthy 14 percent overnight, while long positions have fallen 19 percent.
Our Senior Currency Strategist writes that the Euro may be an important cyclical turning point, and a move above important EURUSD resistance at $1.3745 would confirm calls for continued Euro strength.
— Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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