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Euro Nears Major Turnaround on Sentiment Shift

Euro Nears Major Turnaround on Sentiment Shift

2011-02-10 15:53:00
David Rodriguez, Head of Product
Share:
ssi_eur-usd_body_Picture_6.png, Euro Nears Major Turnaround on Sentiment Shift

EURUSD Currency trading crowds have remained short the Euro against the US Dollar since the pair traded near the 1.3000 mark, providing strong contrarian signal to buy into EURUSD rallies. Yet a more recent shift has softened our bullish bias as those same crowds build long positions into recent declines. The ratio of long to short positions in the EURUSD stands at -1.64 as nearly 62% of traders are short. Yesterday, the ratio was at -1.99 as 67% of open positions were short. In detail, long positions are 12.2% higher than yesterday and 20.5% stronger since last week. Short positions are 7.0% lower than yesterday and 8.3% stronger since last week. Open interest is 0.6% weaker than yesterday and 9.9% above its monthly average. The SSI is a contrarian indicator and signals more EURUSD gains. Yet the recent build in long positions warns that direction may slowly be turning in the US Dollar’s favor.

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