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Retail Crowd Continues to Trim EUR/USD Exposure Ahead of Brexit Vote

Retail Crowd Continues to Trim EUR/USD Exposure Ahead of Brexit Vote

Christopher Vecchio, CFA,

EURUSD - The ratio of long to short positions in the EURUSD stands at -1.26 as 44% of traders are long. Yesterday the ratio was -1.15; 46% of open positions were long. Long positions are 10.2% lower than yesterday and 20.9% below levels seen last week. Short positions are 1.4% lower than yesterday and 18.5% below levels seen last week. Open interest is 5.5% lower than yesterday and 24.6% 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.

Read more: Crowd Still Net-Short GBP/USD as YouGov Poll Shows Remain at 51%

--- 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.