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Euro Forecast to Fall Further on ECB Decision

Euro Forecast to Fall Further on ECB Decision

2011-02-03 15:57:00
David Rodriguez, Head of Product
Share:
ssi_eur-usd_body_Picture_7.png, Euro Forecast to Fall Further on ECB Decision

EURUSD A substantial correction in crowd EURUSD positioning after the European Central Bank interest rate decision leaves short-term risks to the downside as crowds could potentially switch direction on the fast-falling pair. The ratio of long to short positions in the EURUSD stands at -1.90 as nearly 66% of traders are short. Yesterday, the ratio was at -2.42 as 71% of open positions were short. In detail, long positions are 5.9% higher than yesterday and 7.9% weaker since last week. Short positions are 14.6% lower than yesterday and 3.5% weaker since last week. Open interest is 8.6% weaker than yesterday and 6.1% above its monthly average. The SSI is a contrarian indicator, and the sudden shift towards crowd buying leaves immediate risks to the downside in the day ahead.

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