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Our Euro Forecast may Shift as Traders Show Change of Heart

Our Euro Forecast may Shift as Traders Show Change of Heart

David Rodriguez, Head of Product
Our Euro Forecast may Shift as Traders Show Change of Heart

EURUSD: Retail trader data shows 30.2% of traders are net-long with the ratio of traders short to long at 2.31 to 1. In fact, traders have remained net-short since Apr 18 when EURUSD traded near 1.05975; price has moved 5.7% higher since then. The number of traders net-long is 9.6% higher than yesterday and 2.1% higher from last week, while the number of traders net-short is 3.9% higher than yesterday and 5.3% 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.

See next article in this week’s report: GBPUSD - British Pound Forecast to Continue Lower on Key Shift

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