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Euro Bias Mixed as Crosses Rally at Start of Week

Euro Bias Mixed as Crosses Rally at Start of Week

Christopher Vecchio, CFA, Senior Strategist
Euro Bias Mixed as Crosses Rally at Start of Week

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

EURUSD: Retail trader data shows 43.3% of traders are net-long with the ratio of traders short to long at 1.31 to 1. In fact, traders have remained net-short since Apr 18 when EURUSD traded near 1.07897; price has moved 9.4% higher since then. The number of traders net-long is 6.8% lower than yesterday and unchanged from last week, while the number of traders net-short is 3.2% lower than yesterday and 12.6% 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. Positioning is more net-short than yesterday but less net-short from last week. The combination of current sentiment and recent changes gives us a further mixed EURUSD trading bias.

--- 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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