Euro Near-term Top in Place vs USD
The ratio of long to short positions in the EURUSD stands at 1.58 as nearly 61% of traders are long. Yesterday, the ratio was at 1.17 as 54% of open positions were long. In detail, long positions are 16.0% higher than yesterday and 21.3% stronger since last week. Short positions are 14.5% lower than yesterday and 28.5% weaker since last week. Open interest is 1.9% stronger than yesterday and 0.9% below its monthly average. The SSI is a contrarian indicator and signals more EURUSD losses.
How do we interpret and trade with the SSI? Watch an FXCM Expo Presentation that explains the SSI.
--- Written by Christopher Vecchio, Currency Analyst for DailyFX.com
To receive the Speculative Sentiment Index and other reports from this author via e-mail, send a message with subject line “Distribution List” to email@example.com; Contact Chris via Twitter at http://www.twitter.com/CVecchioFX
Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.