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Traders Bearish on Euro After ECB and Draghi

Traders Bearish on Euro After ECB and Draghi

2017-04-27 18:00:00
DailyFX Research,
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Traders Bearish on Euro After ECB and Draghi

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

EURUSD: Retail trader data shows 29.3% of traders are net-long with the ratio of traders short to long at 2.41 to 1. In fact, traders have remained net-short since Apr 18 when EURUSD traded near 1.07154; price has moved 1.5% higher since then. The number of traders net-long is 2.2% lower than yesterday and 34.4% lower from last week, while the number of traders net-short is 1.1% higher than yesterday and 33.3% 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. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EURUSD-bullish contrarian trading bias.

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

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