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EUR/USD: Testing Support As Retail Remains Long

EUR/USD: Testing Support As Retail Remains Long

Jake Schoenleb, Contributor


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Retail Traders Remain Net-Long Since Jun 14

EURUSD: Retail trader data shows 55.9% of traders are net-long with the ratio of traders long to short at 1.27 to 1. In fact, traders have remained net-long since Jun 14 when EURUSD traded near 1.17453; price has moved 1.2% lower since then. The number of traders net-long is 8.4% higher than yesterday and 10.0% lower from last week, while the number of traders net-short is 1.2% lower than yesterday and 0.4% lower from last week.

EUR/USD Sentiment Unable To Provide Clear Price Direction

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests EURUSD prices may continue to fall. Positioning is more net-long than yesterday but less net-long from last week. The combination of current sentiment and recent changes gives us a further mixed EURUSD trading bias.

--- Written by Jake Schoenleb, DailyFX Research

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