Retail FX Traders Remain Short Euro versus US Dollar
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EURUSD - The ratio of long to short positions in the EURUSD stands at -1.32 as 43% of traders are long. Yesterday the ratio was -1.66; 38% of open positions were long. Long positions are 12.9% higher than yesterday and 29.6% above levels seen last week. Short positions are 10.5% lower than yesterday and 22.4% below levels seen last week. Open interest is 1.7% lower than yesterday and 0.8% 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. The trading crowd has grown less net-short from yesterday and last week. The combination of current sentiment and recent changes gives a further mixed trading bias.
See next currency section: GBPUSD - Crowds Continue Buying Aggressively into Sterling Weakness
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.