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Minor Shift in Crowd Positioning Leaves Euro Outlook Mixed

Minor Shift in Crowd Positioning Leaves Euro Outlook Mixed

Christopher Vecchio, CFA, Senior Strategist
Minor Shift in Crowd Positioning Leaves Euro Outlook Mixed

EURUSD - The ratio of long to short positions in the EURUSD stands at -1.44 as 41% of traders are long. Yesterday the ratio was -1.36; 42% of open positions were long. Long positions are 1.8% lower than yesterday and 0.8% above levels seen last week. Short positions are 4.4% higher than yesterday and 6.4% above levels seen last week. Open interest is 1.8% higher than yesterday and 0.2% 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 further net-short from yesterday and last week. The combination of current sentiment and recent changes gives a further bullish trading bias.

How do we interpret the SSI? Watch an FXCM Expo Presentation that explains the SSI.

--- Written by Christopher Vecchio, Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

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