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Crowd Flips in EUR/USD, Bottom May Be Forming

Crowd Flips in EUR/USD, Bottom May Be Forming

Christopher Vecchio, CFA, Senior Strategist
Crowd Flips in EUR/USD, Bottom May Be Forming

EURUSD - The ratio of long to short positions in the EURUSD stands at -1.07 as 48% of traders are long. 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. The trading crowd has grown less net-short from yesterday but unchanged since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.

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

--- Written by Christopher Vecchio, Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

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

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