EUR/USD: Provides No Clear Trading Signal
EURUSD: Retail trader data shows 50.8% of traders are net-long with the ratio of traders long to short at 1.03 to 1. The number of traders net-long is 14.2% higher than yesterday and 10.3% lower from last week, while the number of traders net-short is 16.4% lower than yesterday and 5.9% lower from last week.
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EUR/USD Traders Conflict with Each Other
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 Jack Schwarze, DailyFX Research
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.