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  • The Euro is under pressure this morning following surprisingly dovish comments from ECB’s Knot, going against his typically more hawkish stance. Get your $EURUSD market update from @JMcQueenFX here:https://t.co/ySbYLIAvM5 https://t.co/KLEP03REcm
  • US equities hovering near session lows in wake of the FOMC statement and press conference from Fed Chair Powell. The S&P 500 Index is currently trading -2.7% lower with 30-minutes to go until the close. $SPX $SPY $ES_F #Stocks https://t.co/pT56yQF4md
  • Fed Chair Powell: -Have not made decision on removing bank restrictions -Some housing tightness is passing phenomenon -Large increases in home prices unlikely to be sustained -Corporate defaults have been fewer than expected -We haven't seen as much scarring as we feared
  • Fed Chair Powell: -Emergency lending facilities were very helpful to economy -Haven't talked with US Treasury about emergency tools
  • Federal Reserve holds its policy interest rate and pace of asset purchases steady as expected. Get your $XAUUSD market update from @RichardSnowFX here:https://t.co/8CIIMYDUtr https://t.co/0U48GH20aM
  • Fed Chair Powell: -World has been struggling with disinflationary forces for a while -US inflation dynamics won't change much over near term -More concerned about recovery than pickup in inflation -Inflation resembling past decades seems unlikely
  • Fed Chair Powell: -Talk of tapering asset purchases is premature -Just too early to be talking about dates on tapering bond buying plans -Tapering would be gradual when we do it -Whole focus on exit is premature $SPX $NDX $DJI $USD $DXY $XAUUSD $TNX
  • Fed Chair Powell: -Pandemic, new virus strains still provide considerable downside risks -Will take quite a while to get to herd immunity -Vaccine rollout likely to be a struggle -Nothing more important to economy now than vaccinations
Crowds Remain Heavily Long the Euro - We Like Selling

Crowds Remain Heavily Long the Euro - We Like Selling

David Rodriguez, Head of Product
Crowds Remain Heavily Long the Euro - We Like Selling

Why and how do we use the SSI in trading? View our video and download the free trading guide here

EURUSD - The ratio of long to short positions in the EURUSD stands at 2.05 as 67% of traders are long. Yesterday the ratio was 1.77; 64% of open positions were long. Long positions are 5.2% higher than yesterday and 0.0% below levels seen last week. Short positions are 9.2% lower than yesterday and 0.1% above levels seen last week. Open interest is 0.1% higher than yesterday and 5.5% above its monthly average.

We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are long gives signal that the EURUSD may continue lower. The trading crowd has grown further net-long from yesterday but moderated since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.

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

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