Aggressive Crowd Selling Points to Euro Gains
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EURUSD - The ratio of long to short positions in the EURUSD stands at -1.82 as 35% of traders are long. Yesterday the ratio was -1.60; 38% of open positions were long. Long positions are 3.0% lower than yesterday and 5.3% below levels seen last week. Short positions are 10.3% higher than yesterday and 10.6% above levels seen last week. Open interest is 5.2% higher than yesterday and 3.1% 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 further net-short from yesterday and last week. The combination of current sentiment and recent changes gives a further bullish trading bias.
See next currency section: GBPUSD - Positioning Data Leaves us in Favor of buying British Pound
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.