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Euro Forecast to Fall Further against US Dollar

Euro Forecast to Fall Further against US Dollar

2010-05-06 14:47:00
David Rodriguez, Head of Product
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 SSI506eurusd

EURUSD – Continued sentiment extremes suggest that the Euro will continue to hit fresh lows against the US Dollar, as forex trading crowds remain heavily net-long the EUR/USD despite its sharp declines. The ratio of long to short positions in the EURUSD stands at 1.44 as nearly 59% of traders are long. Yesterday, the ratio was at 1.84 as 65% of open positions were long. In detail, long positions are 9.8% lower than yesterday and 5.8% stronger since last week. Short positions are 14.9% higher than yesterday and 31.3% weaker since last week. Open interest is 1.1% weaker than yesterday and 2.7% below its monthly average. The SSI is a contrarian indicator and signals more EURUSD losses.

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