Euro Forecast to Continue Rallying Against USD
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. The ratio of long to short positions in the EURUSD stands at -2.47 as nearly 71% of traders are short. Yesterday, the ratio was at -2.43 as 71% of open positions were short. In detail, long positions are 6.0% lower than yesterday and 17.3% weaker since last week. Short positions are 4.7% lower than yesterday and 10.2% stronger since last week. Open interest is 5.1% weaker than yesterday and 6.0% above its monthly average. The SSI is a contrarian indicator and signals more EURUSD gains.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.