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Euro Could Continue its Rally

Euro Could Continue its Rally

2011-05-26 14:15:00
David Rodriguez, Head of Business Development
Share:
ssi_eur-usd_body_Picture_5.png, Euro Could Continue its Rally

EURUSDThe euros bounce from recent lows was met with fairly aggressive retail trading crowd selling, giving contrarian signal to watch for further strength. Indeed, traders remain fairly net-short through time of writing and give continued indication that the pair may rally further.

The ratio of long to short positions in the EURUSD stands at -1.33 as nearly 57% of traders are short. This is a slight moderation from yesterday when 60% of traders were short. In detail, long positions are 11.8% higher than yesterday and 5.7% stronger since last week. Short positions are 1.0% higher than yesterday and 8.2% stronger since last week. The fact that traders have mostly been buying from yesterday slightly moderates our contrarian bullish bias, but the net-short SSI ratio gives contrarian signal that the EURUSD may continue to strengthen.

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