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EURUSD – The Euro continues to tumble versus the US Dollar, and as long as the retail forex trading crowd keeps buying we’ll watch for further losses.
Trade Implications – EURUSD: Yesterday we highlighted a key number of factors that favor a potentially significant Euro turnaround. And yet the single currency continues to hit fresh lows as we head into a key confluence of market cycles. We can’t responsibly advocate buying at these levels, but we’re keeping a close eye on the next moves in retail sentiment. If we see the crowd capitulate and sell, we may in fact get long on the clear risk of a bounce.
See next currency section: GBPUSD - British Pound May Have Set a Significant Low versus Dollar
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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