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Euro Forecast Remains Bullish vs USD

Euro Forecast Remains Bullish vs USD

2011-10-20 14:57:00
David Rodriguez, Head of Product
Share:
ssi_eur-usd_body_Picture_12.png, Euro Forecast Remains Bullish vs USD

EURUSD – Trading crowds turned aggressively short the Euro against the US Dollar when the pair traded near the 1.3350 mark and continue to remain short, giving contrarian signal that the pair may continue its advance. The ratio of long to short positions in the EURUSD stands at -1.59 as nearly 61% of traders are short. This is mostly unchanged from yesterday, but it serves to note that long positions are 10.3 percent higher than last week while short positions fell 6.5 percent through the same stretch.

We have most recently seen traders pull back their short positions as the Euro itself trades off of its highs. Yet as long as the SSI ratio remains negative we will maintain our contrarian bullish bias and call for further strength.

How do we interpret the SSI? Watch an FXCM Expo Presentation that explains the SSI.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

To contact David, e-mail drodriguez@dailyfx.com

To be added to David’s e-mail distribution list for this and other reports, e-mail subject line “Distribution List” to drodriguez@dailyfx.com

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

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