EUR/USD Suggests a Bearish Bias
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NET-LONG POSITIONS INCREASED FROM LAST WEEK
EURUSD: Retail trader data shows 55.1% of traders are net-long with the ratio of traders long to short at 1.23 to 1. The number of traders net-long is 8.7% higher than yesterday and 9.1% higher from last week, while the number of traders net-short is 8.8% lower than yesterday and 8.1% lower from last week.
For more in-depth analysis, check out the Q1 2019 Forecast for the Euro
EURUSD PRICE MAY CONTINUE TO FALL
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
Follow Nancy on Twitter @ NancyPakbazFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.