Huge Week Ahead for Euro - Bounce Seems Likely
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- Euro matches longest weekly consecutive losing streak since inception
- Sentiment, Positioning, and cyclical studies all warn of a potential EURUSD reversal
- Watch critical support ahead of highly-anticipated European Central Bank decision
The Euro has now matched its longest weekly losing streak on record as the Dollar surges. Why do we think it’s at special risk of reversal in the coming week?
Euro Matches Longest Consecutive Weekly Decline since Inception
Source: FXCM Trading Station Desktop, Prepared by David Rodriguez.
Retail Positions Hit Most Stretched Since Euro Traded to $1.20
Source: FXCM Trading Station Desktop, Open Positions Ratio indicator in private beta. Prepared by David Rodriguez.
Professional Positioning Likewise at Most Stretched Since Same $1.20 lows
Data source: Bloomberg, CFTC Commitment of Traders Report. Prepared by David Rodriguez
Moving Averages Crossing Lower, Support Downtrend. $1.3105 is Key Support
Source: FXCM Trading Station Desktop, Prepared by David Rodriguez.
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--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com David specializes in automated trading strategies. Find out more about our automated sentiment-based strategies on DailyFX PLUS.
Contact and follow David via Twitter: https://twitter.com/DRodriguezFX
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