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Euro Outlook Mixed, Although Crowd’s Net-Short Position Lingers

Euro Outlook Mixed, Although Crowd’s Net-Short Position Lingers

Christopher Vecchio, CFA,

EURUSD - The ratio of long to short positions in the EURUSD stands at -1.28 as 44% of traders are long. Yesterday the ratio was -1.26; 44% of open positions were long. Long positions are 0.0% lower than yesterday and 4.3% below levels seen last week. Short positions are 1.4% higher than yesterday and 5.6% above levels seen last week. Open interest is 0.8% higher than yesterday and 0.9% 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 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

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