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EURUSD – The retail forex crowd has sold aggressively into the recent Euro rally against the US Dollar, and the buildup of US Dollar longs elsewhere suggests the rebound could gather pace.
Trade Implications – EURUSD: The EURUSD is approaching a key area near $1.3680, the confluence of the rising trendline off of the July and November 2013 lows and the falling trendline off of the December 2013 and January 2014 highs. Price has treated this level as resistance thus far and a weekly close above would suggest that the recent downtrend might be exhausted.
--- Written by Christopher Vecchio, Currency Analyst
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