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Euro May Continue Trading Higher versus the US Dollar

Euro May Continue Trading Higher versus the US Dollar

David Rodriguez, Head of Product
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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