EURUSD – Retail forex continue selling into Euro strength against the US Dollar, giving us steady contrarian signal that the EURUSD may continue higher.
Trade Implications – EURUSD: Our purely sentiment-based Momentum2 system has remained long Euro from $1.3210 as crowds sold aggressively into strength.
And though it’s risky to chase the EURUSD here as it posts its second-largest rally of the year, we’ll need to see a turn in extremely one-sided retail sentiment to change our Euro-bullish forecast. Receive any and all updates via my e-mail distribution list via this link.
— Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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