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Euro Reversal Could Gather Pace, Sentiment Warns

Euro Reversal Could Gather Pace, Sentiment Warns

Christopher Vecchio, CFA, Senior Strategist
Euro Reversal Could Gather Pace, Sentiment Warns

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

EURUSD: Retail trader data shows 38.8% of traders are net-long with the ratio of traders short to long at 1.58 to 1. In fact, traders have remained net-short since Apr 18 when EURUSD traded near 1.07831; price has moved 9.1% higher since then. The number of traders net-long is 13.4% higher than yesterday and 21.1% higher from last week, while the number of traders net-short is 3.0% higher than yesterday and 3.8% 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.

--- Written by Christopher Vecchio, CFA, Senior Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

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

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