Traders Have Been Selling the Euro but the SSI Calls for a Test of 1.42

According to out proprietary customer flow database which measures the positioning of more than 20.000 traders, the ratio of long to short positions in the EURUSD stands at -2.75 as nearly 73% of traders are short. In detail, long positions are 11.4% lower than yesterday and 13.6% stronger since last week. Short positions are 3.3% higher than yesterday and 8.2% stronger since last week. Open interest is 1.1% weaker than yesterday but 13.3% above its monthly average. In the past, when traders were short and selling more, the EURUSD has rallied in the following days. The SSI is a contrarian indicator and signals a EURUSD test of 1.4200.

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By Antonio J F Sousa, [email protected]