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Forex Traders Continue to Bet on Euro Losses

Forex Traders Continue to Bet on Euro Losses

2011-09-22 17:00:00
Christopher Vecchio, CFA, Sr. Currency Strategist
Share:
ssi_EUR-USD_body_Picture_5.png, Forex Traders Continue to Bet on Euro Losses

EURUSD – Considering traders remain net long Euro against the U.S. Dollar, despite recent weakness in the pair, the EUR/USD could fall further. Although the pair has shaved off nearly 1000-pips in three weeks, further downside pressure remains given the fundamental backdrop of the Euro-zone and the recent policy shift by the Federal Reserve. Accordingly, a test of the year low set in January may be on tap below 1.3000.

The ratio of long to short positions in the EUR/USD stands at 1.07 as nearly 52% of traders are long. Yesterday, the ratio was at 1.08 as 52% of open positions were long. In detail, long positions are 5.0% lower than yesterday and 1.6% stronger since last week. Short positions are 3.7% lower than yesterday and 10.6% weaker since last week. Open interest is 4.4% weaker than yesterday and 9.3% below its monthly average. The SSI is a contrarian indicator and signals more EUR/USD losses.

Written by Christopher Vecchio, Currency Analyst

To contact the author of this report, please send inquiries to: cvecchio@dailyfx.com

Follow Christopher Vecchio on Twitter: @CVecchioFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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