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Euro Forecast to Continue onto Fresh Lows versus the Dollar

Euro Forecast to Continue onto Fresh Lows versus the Dollar

David Rodriguez, Head of Product
Euro Forecast to Continue onto Fresh Lows versus the Dollar

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 1.68 as 63% of traders are long. Yesterday the ratio was 1.46; 59% of open positions were long. Long positions are 9.6% higher than yesterday and 21.7% above levels seen last week. Short positions are 4.8% lower than yesterday and 6.4% below levels seen last week.

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 and last week. The combination of current sentiment and recent changes gives a further bearish trading bias.

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

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