Euro Uptrend Remains Intact, but next Move Pivotal
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EURUSD - The ratio of long to short positions in the EURUSD stands at -2.00 as 33% of traders are long. Yesterday the ratio was -1.93; 34% of open positions were long. Long positions are 3.3% lower than yesterday and 6.0% above levels seen last week. Short positions are 0.5% higher than yesterday and 11.2% below levels seen last week. 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 but moderated since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.
See next currency section: GBPUSD - British Pound Forecast Depends on how it Finishes the Week
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.