Euro Forecast to Continue onto Fresh Lows versus the Dollar
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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.