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FXCM SSI - Traders Have Been Selling Euros but EURUSD could test 1.45!

Thursday, 11 October 2007 14:29:32 GMT

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Written by Antonio Sousa, Currency Analyst
According to a survey of more than 20.000 retail traders, the ratio of long to short positions in the EURUSD stands at -2.47 as nearly 72% of traders are short. Last week, the ratio was at -2.23 as 70% of open positions were short. In detail, long positions are 2.4% lower than yesterday and 4.5% weaker since last week. Short positions are 1.4% higher than yesterday and 6.8% weaker since last week. In the past, when retail was short and selling more, the EURUSD has rallied in the following days. The SSI is a contrarian indicator and gives us a high probability signal to buy EURUSD

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