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Euro Forecast versus US Dollar Now Neutral

Euro Forecast versus US Dollar Now Neutral

Christopher Vecchio, CFA, Senior Strategist
Euro Forecast versus US Dollar Now Neutral

EURUSD - The ratio of long to short positions in the EURUSD stands at -1.35 as 43% of traders are long. Yesterday the ratio was -1.45; 41% of open positions were long. Long positions are 7.3% higher than yesterday and 17.6% above levels seen last week. Short positions are 0.1% lower than yesterday and 26.4% below levels seen last week. Open interest is 2.9% higher than yesterday and 12.3% 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.

--- Written by Christopher Vecchio, Currency Strategist

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

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