Euro Correction May Offer Buying Opportunity


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

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

Facebook at

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)