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Euro Forecast Shifts as Traders Change Direction

Euro Forecast Shifts as Traders Change Direction

David Rodriguez, Head of Product
Euro Forecast Shifts as Traders Change Direction

Why and how do we use IG Client Sentiment in trading? See our guide.

EURUSD: Retail trader data shows 40.0% of traders are net-long with the ratio of traders short to long at 1.5 to 1. In fact, traders have remained net-short since Mar 15 when EURUSD traded near 1.06116; price has moved 1.3% higher since then. The number of traders net-long is 32.8% higher than yesterday and 42.6% higher from last week, while the number of traders net-short is 18.2% lower than yesterday and 18.3% lower 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. Yet traders are less net-short than yesterday and compared with last week. Recent changes in sentiment warn that the current EURUSD price trend may soon reverse lower despite the fact traders remain net-short.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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