Euro Correction May Offer Buying Opportunity

DailyFX

View photo

.
ssi_eur-usd_body_Picture_7.png, Euro Correction May Offer Buying Opportunity

EURUSD – Retail forex trading crowds remain short the Euro versus the US Dollar (ticker: USDOLLAR), but most traders have actually bought Euro since last week as it falls to fresh multi-week lows.

Trade Implications – EURUSD: Our sentiment-based trading strategies have most recently sold the EURUSD as sentiment turns. Yet the critical question is whether this is merely a correction within the broader uptrend, or is this a correction within an uptrend? Our Senior Technical Strategist believes that the Euro should be bought against key support of $1.3250, but a break lower would be an attractive short.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.

New to FX markets? Learn more in our video trading guide.

Contact David via

Twitter at http://www.twitter.com/DRodriguezFX

Facebook at http://www.Facebook.com/DRodriguezFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

View Comments (0)