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Euro May Continue Trading Higher versus the US Dollar

Euro May Continue Trading Higher versus the US Dollar

2017-01-09 15:25:00
David Rodriguez, Head of Product
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Euro May Continue Trading Higher versus the US 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 -1.03 as 49% of traders are long. Yesterday the ratio was -1.14; 47% of open positions were long. Long positions are 5.1% higher than yesterday and 0.9% above levels seen last week. Short positions are 4.8% lower than yesterday and 21.2% above levels seen last week. Open interest is 0.2% lower than yesterday and 2.7% 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 less net-short from yesterday but unchanged 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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