EUR/USD: Traders Increase Their Long Positions
15% INCREASE IN NET-LONG POSITIONS FROM LAST WEEK
EURUSD: Retail trader data shows 54.3% of traders are net-long with the ratio of traders long to short at 1.19 to 1. The number of traders net-long is 10.1% higher than yesterday and 15.0% higher from last week, while the number of traders net-short is 0.7% lower than yesterday and 1.4% higher from last week.
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EURUSD SUGGESTS A BEARISH BIAS
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests EURUSD prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EURUSD-bearish 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.