Euro Forecast to Rise Versus US Dollar
EURUSD – Lackluster moves in the Euro/US Dollar have made for similarly listless trading crowds, and our SSI has remained near-neutral for some time now. The ratio of long to short positions in the EURUSD stands at -1.23 as nearly 55% of traders are short. Yesterday, the ratio was at -1.31 as 57% of open positions were short. In detail, long positions are 8.8% higher than yesterday and 7.8% weaker since last week. Short positions are 1.5% higher than yesterday and 28.1% stronger since last week. Open interest is 4.6% stronger than yesterday and 19.2% above its monthly average. The build in short positions suggests there is some near-term upside, but it will be important to watch whether the pair is able to break above range highs.
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