Euro Direction Unclear with Mixed Trading Bias
EURUSD: Retail trader data shows 27.2% of traders are net-long with the ratio of traders short to long at 2.68 to 1. The number of traders net-long is 33.9% higher than yesterday and 13.3% lower from last week, while the number of traders net-short is 2.5% higher than yesterday and 12.8% 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. Positioning is less net-short than yesterday but more net-short from last week. The combination of current sentiment and recent changes gives us a further mixed EURUSD trading bias.
--- Written by Dylan Jusino, DailyFX Research
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