In the previous charts posted above, leading to this post, I logged charts showing me where the market was in relationship to where I thought the market was going. In the most recent chart, the exchange rate is where I've been waiting for it to come in anticipation of a trade. I've been thinking all along to short the market @ the trendline touch, stop above, taking into consideration I'm trading off of the daily. The stop above is set @ 75 pips above entry order, entry order on the trendline @ 1.3700. My thought process is to trade with the trend, this is strickly a technical point of view, since my skills in fundimental analysis are lacking, although I will note that the Speculative Sediment Index (SSI) is telling me different.
EURUSD - The ratio of long to short positions in the EURUSD stands at -1.37 as nearly 58% of traders are short. Yesterday, the ratio was at -1.31 as 57% of open positions were short. In detail, long positions are 3.5% higher than yesterday and 12.3% weaker since last week. Short positions are 7.7% higher than yesterday and 36.0% stronger since last week. Open interest is 5.9% stronger than yesterday and 20.6% above its monthly average. The SSI is a contrarian indicator and signals more EURUSD gains.