EURUSD Price Could Fall Lower as Dollar Strength Persists
53% of Euro Traders Are Net-Long
EURUSD: Retail trader data shows 53.1% of traders are net-long with the ratio of traders long to short at 1.13 to 1. The number of traders net-long is 1.4% higher than yesterday and 4.6% lower from last week, while the number of traders net-short is 13.3% lower than yesterday and 11.3% lower from last week.
EURUSD Trades with Bearish Bias
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests EURUSD prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EURUSD-bearish contrarian trading bias.
--- Written by Dylan Jusino, DailyFX Research
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.