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Euro Forecast to Remain Range-bound against Dollar

Euro Forecast to Remain Range-bound against Dollar

2010-03-18 15:53:00
David Rodriguez, Head of Business Development
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 SSI318eurusd

EURUSD – Choppy price action in the US Dollar has made it difficult to make an accurate SSI-based trading forecast. Indeed, relatively neutral SSI ratios signal that markets remain incredibly indecisive and range-bound. The ratio of long to short positions in the EURUSD stands at 1.07 as nearly 52% of traders are long. Yesterday, the ratio was at -1.18 as 54% of open positions were short. In detail, long positions are 9.2% higher than yesterday and 14.2% stronger since last week. Short positions are 13.2% lower than yesterday and 25.3% weaker since last week. Open interest is 2.9% weaker than yesterday and 5.2% above its monthly average. The SSI’s flip to net-long ostensibly gives us contrarian signal to sell, but a ratio at 1.07 is very near neutral.

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