Euro bear market resumes

In the wake of the euro's recent decline, traders have rushed over to the long-side. Are they right to expect a rally? John C Burford turns to the charts for answers.

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"Greece is collapsing, the Iranians are getting aggressive, and Rome is in disarray. Welcome back to 480 BC"

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(CONTRACTS OF EUR 125,000) OPEN INTEREST: 311,933
COMMITMENTS
54,449195,5151,994224,08447,855280,527245,36431,40666,569
CHANGES FROM 05/08/12 (CHANGE IN OPEN INTEREST: 35,637)
15,204-38,917-32,208-92,947-34,744-109,951-105,869-247-4,329
PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADERS
17.562.70.671.815.389.978.710.121.3
NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS: 190)
377211394783123Row 8 - Cell 7 Row 8 - Cell 8

John is is a British-born lapsed PhD physicist, who previously worked for Nasa on the Mars exploration team. He is a former commodity trading advisor with the US Commodities Futures Trading Commission, and worked in a boutique futures house in California in the 1980s.

 

He was a partner in one of the first futures newsletter advisory services, based in Washington DC, specialising in pork bellies and currencies. John is primarily a chart-reading trader, having cut his trading teeth in the days before PCs.

 

As well as his work in the financial world, he has launched, run and sold several 'real' businesses producing 'real' products.