EUR/USD: Traders Remain Net-Long Despite a Mixed Bias
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RETAIL TRADERS REMAIN NET-LONG
EURUSD: Retail trader data shows 58.1% of traders are net-long with the ratio of traders long to short at 1.39 to 1. In fact, traders have remained net-long since Nov 23 when EURUSD traded near 1.1388; price has moved 0.2% lower since then. The number of traders net-long is 4.5% higher than yesterday and 10.1% lower from last week, while the number of traders net-short is 12.7% lower than yesterday and 8.7% lower from last week.
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EUR/USD POTENTIAL DECREASE IN PRICES GIVES A MIXED BIAS
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.
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--- Written by Nancy Pakbaz, CFA, DailyFX Research
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.