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Forex Trader Sentiment Points to Further Euro Gains

Forex Trader Sentiment Points to Further Euro Gains

David Rodriguez, Head of Product

Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.

EURUSD –Retail traders remain aggressively short the Euro versus the US Dollar, and a contrarian view of crowd sentiment leaves us watching for continued strength.

The ratio of long to short positions in the EURUSD stands at -2.00 as 33% of traders are long. Yesterday the ratio was -2.06; 33% of open positions were long. Long positions are 4.1% lower than yesterday and 5.5% below levels seen last week. Short positions are 6.9% lower than yesterday and 21.8% above levels seen last week. Open interest is 6.0% lower than yesterday and 7.3% above its monthly average. 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.

See next currency section: GBPUSD - British Pound Outlook Remains Bearish

--- Written by David Rodriguez, Quantitative Strategist for 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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