Retail FX Traders Turn Net-Short Euro versus US Dollar
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EURUSD - The ratio of long to short positions in the EURUSD stands at -1.47 as 41% of traders are long. Yesterday the ratio was -1.45; 41% of open positions were long. Long positions are 3.1% lower than yesterday and 33.2% below levels seen last week. Short positions are 2.0% lower than yesterday and 36.6% above levels seen last week. Open interest is 2.4% lower than yesterday and 3.9% 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 but unchanged since last week. The combination of current sentiment and recent changes gives a further bullish trading bias.