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Big Shift in Trader Sentiment Warns Euro May have Turned

Big Shift in Trader Sentiment Warns Euro May have Turned

David Rodriguez, Head of Product
Big Shift in Trader Sentiment Warns Euro May have Turned

EURUSD: Retail trader data shows 26.8% of traders are net-long with the ratio of traders short to long at 2.73 to 1. In fact, traders have remained net-short since Apr 18 when EURUSD traded near 1.06424; price has moved 6.6% higher since then. The number of traders net-long is 0.5% higher than yesterday and 31.2% higher from last week, while the number of traders net-short is 6.3% lower than yesterday and 4.8% 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 Trend May have Changed versus Dollar

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