EURUSD – Euro price action has remained extremely choppy as of late, and indecisive forex market sentiment leaves short-term forecasts somewhat unclear. 56% of traders are currently short the EURUSD, giving us an SSI ratio of -1.28. This is a fairly noteworthy shift from just two days ago when the majority of traders were long. In detail, long positions are 3.4% lower than yesterday and 8.6% weaker since last week. Short positions are 9.1% higher than yesterday and 3.5% weaker since last week. Open interest is 3.3% stronger than yesterday and 1.0% below its monthly average. The SSI is a contrarian indicator and the net-short crowd gives contrarian signal to buy the EURUSD. Yet we would warn that price action remains extremely choppy, and short-term direction is far from clear.
