Euro Remains Stuck in Downtrend versus US Dollar
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EURUSD - The ratio of long to short positions in the EURUSD stands at 1.16 as 54% of traders are long. Yesterday the ratio was 1.24; 55% of open positions were long. Long positions are 6.9% lower than yesterday and 3.1% below levels seen last week. Short positions are 0.4% lower than yesterday and 16.0% above 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 less net-long from yesterday and last week. The combination of current sentiment and recent changes gives a further mixed trading bias.
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