The Crowd Continues to Sell EUR/USD; We Remain Bullish
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EURUSD - The ratio of long to short positions in the EURUSD stands at -1.45 as 41% of traders are long. Yesterday the ratio was -1.36; 42% of open positions were long. Long positions are 2.1% lower than yesterday and 8.4% above levels seen last week. Short positions are 4.2% higher than yesterday and 6.5% below levels seen last week. Open interest is 1.5% higher than yesterday and 11.5% 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 further net-short from yesterday but moderated since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.
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