The ratio of long to short positions in the EURUSD stands at -1.59 as nearly 62% of traders are short. Yesterday, the ratio was at -1.48 as 60% of open positions were short. In detail, long positions are 0.9% lower than yesterday and 20.8% stronger since last week. Short positions are 6.9% higher than yesterday and 28.2% stronger since last week. Open interest is 3.8% stronger than yesterday and 9.5% above its monthly average. The SSI is a contrarian indicator and signals more EURUSD gains. The considerable jump in short positioning over the past week reflects retailers’ confidence in resistance read at 1.49. However, since retailers are usually on the wrong side of the trade on trends and breakouts, this position may foreshadow the break to 1.50 that the market has threatened for many months.
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