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Euro Forecast Remains Bearish According to Trader Sentiment

Euro Forecast Remains Bearish According to Trader Sentiment

David Rodriguez, Head of Product
Euro Forecast Remains Bearish According to Trader Sentiment

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

EURUSD: Retail trader data shows 61.7% of traders are net-long with the ratio of traders long to short at 1.61 to 1. In fact, traders have remained net-long since Apr 03 when EURUSD traded near 1.06665; price has remained unchanged since then. The number of traders net-long is 3.4% higher than yesterday and 9.2% higher from last week, while the number of traders net-short is 4.1% lower than yesterday and 12.3% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests EURUSD prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EURUSD-bearish contrarian trading bias.

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

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