Euro Forecast to Gain further versus US Dollar
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EURUSD - The ratio of long to short positions in the EURUSD stands at -2.26 as 31% of traders are long. Yesterday the ratio was -2.06; 33% of open positions were long. Long positions are 3.5% lower than yesterday and 4.7% below levels seen last week. Short positions are 6.0% higher than yesterday and 7.5% above levels seen last week. Open interest is 2.9% higher than yesterday and 0.4% 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 - British Pound Likely to Hit Fresh Highs
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