[B]EUR[/B][B]/USD Ratio: -1.13
[/B][B]Signal: Bullish[/B]
[B]Currency[/B] [B]Last Week[/B] [B]Present*[/B] [B]% Long[/B] [B]% Change in Positions Outstanding[/B] [B]Signal[/B] EURUSD -1.04 [B]-1.13[/B] 47% -0.14% Bullish
[B]EURUSD – [/B]Speculative positioning in the euro was net short for the second week in a row with today’s reading. However, the Speculative Sentiment Index continues to hold closely to parity - suggesting the market is still unsure on the EURUSD’s long-term direction after the reversal from 1.60. Today, the pair’s SSI Index stood at -1.13 with 53 percent of retail traders short. This reading is only slightly more extreme than last Thursday’s -1.04, though it nonetheless supports the upside after two week’s of net long readings that accompanied the EURUSD’s initial tumble from 1.60. Looking into the details of the Sentiment report, there has actually been a considerable amount of trading activity within the retail group. Long positions jumped 23.1% from yesterday, though they have ultimately eased 8.0% over the week. On the other side of the market, the currency’s rally led shorts to drop by 14.2% while the week’s change seemed to absorb the decline in longs with an 8.0% increase. Despite this volatility though open interest is ultimately unchanged from yesterday and only 3.9% below last week’s levels. As a contrarian indicator, the SSI points to further upside for EURUSD - though without a more intense reading, the pair will likely lack direction with frequent flips in positioning.