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Euro Forecast Remains Bullish, but $1.30 Resistance Critical

Euro Forecast Remains Bullish, but $1.30 Resistance Critical

David Rodriguez, Head of Product
ssi_eur-usd_body_Picture_5.png, Euro Forecast Remains Bullish, but $1.30 Resistance Critical

EURUSD - The ratio of long to short positions in the EURUSD stands at -1.81 as approximately 36% of traders are long. Yesterday the ratio was -1.49; 40% of open positions were long. In detail, long positions are 8.7% lower than yesterday and 11.9% below levels seen last week. Short positions are 10.9% higher than yesterday and 14.7% above levels seen last week. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are short gives signal that the EURUSD may continue higher. Current SSI is lower than yesterday and lower from last week. The combination of current sentiment and recent changes gives a further bullish trading bias.

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