EURUSD – Retail forex crowds remain steadily long Euro versus the US Dollar, and a contrarian view of crowd sentiment leaves us in favor of EURUSD weakness.
Trade Implications – EURUSD: Our “Tidal Shift”/Momentum2 strategy most recently went short EURUSD from $1.2897, but that position was very recently taken out at roughly breakeven on the overnight Euro bounce. As it stands the risk of a larger US Dollar pullback remains real and we won’t necessarily get right back into a EURUSD-short position. But our next trade will almost certainly be guided by any swings in retail forex crowd sentiment.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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