EUR/USD: Traders Decrease Their Net-Long Positions
47.4% OF TRADERS ARE NET-LONG, A DECREASE FROM LAST WEEK
EURUSD: Retail trader data shows 47.4% of traders are net-long with the ratio of traders short to long at 1.11 to 1. The number of traders net-long is 7.7% lower than yesterday and 22.5% lower from last week, while the number of traders net-short is 3.5% higher than yesterday and 35.5% higher from last week.
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EUR/USD SENTIMENT GIVES A BULLISH BIAS
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests EURUSD prices may continue to rise. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EURUSD-bullish contrarian 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.