EUR/USD Net ShortTraders May Push Prices Higher
NET-SHORT POSITIONS INCREASE
EURUSD: Retail trader data shows 44.4% of traders are net-long with the ratio of traders short to long at 1.25 to 1. The number of traders net-long is 1.2% lower than yesterday and 5.2% higher from last week, while the number of traders net-short is 27.4% higher than yesterday and 8.6% higher from last week.
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EURUSD NOW SUGGESTS A STRONG 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.