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Forex Crowd Positioning Leaves us in Favor of Euro Strength

Forex Crowd Positioning Leaves us in Favor of Euro Strength

David Rodriguez, Head of Product
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.

See next currency section: GBPUSD - British Pound Forecast Unclear Given Election Risk

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

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