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FXCM SSI Signals EURUSD at 1.50
By DailyFX Updates | November 8, 2007
According to Antonio Sousa of DailyFX.com, The ratio of long to short positions in the EURUSD stands at -1.94 as nearly 66% of traders are short, according to our dealing desk data on the positioning of more than 20.000 retail traders. Moreover, open interest is 2.4% stronger than yesterday but 13.4% below its monthly average, mostly on profit taking by euro longs. In the past, when the majority of retail traders were short and selling more, the EURUSD has rallied in the following days. Assuming, this rule holds true for the week ahead, the SSI gives us a strong signal to buy EUR/USD and we believe the single currency could test 1.50.
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