EURUSD – Incredibly choppy Euro price action leaves forex trading crowd positioning near even, and our sentiment-based bias trading bias is roughly neutral until we see a larger break lower.
Trade Implications – EURUSD: Our SSI-based ‘Momentum2’ most recently sold the Euro as retail traders bought into its sell-off versus the US Dollar. Yet a failure to hold below critical support at $1.2875 suggests the Euro’s next move may actually be higher. Indeed, our Senior Technical Strategist believes that buying EURUSD dips into $1.2880/$1.2900 remains attractive as long as we remain above $1.2843.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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