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Crowd Sentiment Favors Euro Losses

Crowd Sentiment Favors Euro Losses

2011-09-08 16:28:00
David Rodriguez, Head of Product
Share:
ssi_eur-usd_body_Picture_10.png, Crowd Sentiment Favors Euro Losses

EURUSD –Traders remain aggressively long the Euro against the US Dollar, giving consistent contrarian signal that the pair may continue lower through near-term trade. Yet we should likewise warn that FX Options sentiment has hit its most bearish extremes on the EURUSD in at least 7 years, warning of a potential for a larger topside correction. The conflicting signals are obviously difficult to reconcile, and we may have to wait and see whether the EURUSD is able to break below key multi-month lows.

The ratio of long to short positions in the EURUSD stands at 1.73 as nearly 63% of traders are long. In detail, long positions are 2.8% higher than yesterday and 23.3% stronger since last week. Short positions are 13.9% higher than yesterday and 18.6% weaker since last week. The fact that traders are long and continue buying gives us contrarian signal the EURUSD may continue lower.

To get on the mailing list for the SSI and other reports from author David Rodriguez, e-mail subject line “Distribution list” to drodriguez@dailyfx.com

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