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Euro Likely to Test Further Highs versus US Dollar

Euro Likely to Test Further Highs versus US Dollar

David Rodriguez, Head of Product
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.

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