Forex Crowd Positioning Leaves us in Favor of Euro Strength
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EURUSD - The ratio of long to short positions in the EURUSD stands at -2.13 as 32% of traders are long. Yesterday the ratio was -2.37; 30% of open positions were long. Long positions are 0.1% higher than yesterday and 8.6% above levels seen last week. Short positions are 10.0% lower than yesterday and 10.0% below levels seen last week. Open interest is 7.0% lower than yesterday and 4.1% below 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.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.