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Euro Forecast to Fall to Fresh Lows

Euro Forecast to Fall to Fresh Lows

2012-01-05 16:10:00
David Rodriguez, Head of Product
Share:
ssi_eur-usd_body_Picture_7.png, Euro Forecast to Fall to Fresh Lows

EURUSD – Forex trading crowds have bought aggressively into Euro/US Dollar losses, giving contrarian signal that the pair could hit further lows. The Euro’s break of key support at the psychologically significant $1.30 mark and previous lows of $1.2850 opens up much larger declines. Yet we warn of getting aggressively short Euro as large speculators are their most bearish EURUSD in history.

The ratio of long to short positions in the EURUSD stands at 1.69 as nearly 63% of traders are long. This is a noteworthy shift from yesterday when the ratio was at 1.25 and 56% of open positions were long. In detail, long positions are 19.0% higher than yesterday and 23.7% stronger since last week. Short positions are 12.0% lower than yesterday and 20.2% weaker since last week

When retail trading crowds are long and continue growing further net-long, we often see subsequent EURUSD declines.

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 receive the SSI via e-mail and other reports from author David Rodríguez, e-mail subject line “Distribution List” to drodriguez@dailyfx.com

Contact David via Twitter at http://www.twitter.com/DRodriguezFX

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