EUR/USD: Retail Traders Reduce Net-Long Positions As Euro Strengthens
Net-Short Positions Breach 50%
EURUSD: Retail trader data shows 49.5% of traders are net-long with the ratio of traders short to long at 1.02 to 1. The number of traders net-long is 2.1% higher than yesterday and 9.6% lower from last week, while the number of traders net-short is 0.7% higher than yesterday and 8.8% higher from last week.
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EUR/USD Sentiment Unable To Provide Clear Price Direction
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 Jake Schoenleb, DailyFX Research
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.