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Crowd Heeds Notice, Reducing Euro Exposure Ahead of Brexit Vote Results

Crowd Heeds Notice, Reducing Euro Exposure Ahead of Brexit Vote Results

2016-06-23 17:00:00
Christopher Vecchio, CFA, Senior Strategist
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Crowd Heeds Notice, Reducing Euro Exposure Ahead of Brexit Vote Results

EURUSD - The ratio of long to short positions in the EURUSD stands at -1.33 as 43% of traders are long. Yesterday the ratio was -1.22; 45% of open positions were long. Long positions are 15.1% lower than yesterday and 38.5% below levels seen last week. Short positions are 8.0% lower than yesterday and 11.0% below levels seen last week. Open interest is 11.2% lower than yesterday and 30.6% 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 but unchanged since last week. The combination of current sentiment and recent changes gives a further bullish trading bias.

Read more: Brexit Referendum Timeline: When Will Districts Report Results?

--- Written by Christopher Vecchio, Currency Strategist

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

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