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Euro May Reverse Based on Sentiment

Euro May Reverse Based on Sentiment

Dylan Jusino,
Euro May Reverse Based on Sentiment

EURUSD: Retail trader data shows 36.4% of traders are net-long with the ratio of traders short to long at 1.75 to 1. In fact, traders have remained net-short since Apr 18 when EURUSD traded near 1.05687; price has moved 17.1% higher since then. The number of traders net-long is 24.9% higher than yesterday and 7.3% lower from last week, while the number of traders net-short is 5.1% lower than yesterday and 9.5% 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 Dylan Jusino, DailyFX Research

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

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