Euro Likely to Test Further Highs versus US Dollar
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EURUSD - The ratio of long to short positions in the EURUSD stands at -2.01 as 33% of traders are long. Yesterday the ratio was -2.09; 32% of open positions were long. Long positions are 1.9% lower than yesterday and 17.3% below levels seen last week. Short positions are 5.6% lower than yesterday and 3.5% above levels seen last week. Open interest is 4.4% lower than yesterday and 14.1% 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 less net-short from yesterday but further short since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.
See next currency section: GBPUSD - British Pound Likely to Hit Fresh Highs
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.