Euro Forecast Unclear until this Changes

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EURUSD: Retail trader data shows 40.6% of traders are net-long with the ratio of traders short to long at 1.47 to 1. The number of traders net-long is 6.4% higher than yesterday and 9.3% lower from last week, while the number of traders net-short is 3.9% higher than yesterday and 9.5% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests EURUSD prices may continue to rise. Positioning is less net-short than yesterday but more net-short from last week. The combination of current sentiment and recent changes gives us a further mixed EURUSD trading bias.