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EURUSD – Retail forex crowds have never been more short the Euro versus the US Dollar, and a contrarian view of crowd sentiment leaves us in favor of fresh EURUSD highs.
Trade Implications – EURUSD: Selling interest in the Euro/USD is near an all-time high, and the fact that crowds continue selling into the most recent EUR bounce favors further strength.
Our Senior Strategist warns that sentiment is “getting a bit too one way for our liking”. Yet a Euro close above $1.3970 could sound the “all clear” in favor of further rallies. Indeed, going against the crowd remains attractive as long as the single currency remains above key support at $1.3830.
— Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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