EUR/USD: Traders Remain Net-Long
60.7% OF TRADERS ARE NET-LONG
EURUSD: Retail trader data shows 60.7% of traders are net-long with the ratio of traders long to short at 1.55 to 1. In fact, traders have remained net-long since Mar 01 when EURUSD traded near 1.13624; price has moved 1.0% lower since then. The number of traders net-long is 2.6% lower than yesterday and 27.8% higher from last week, while the number of traders net-short is 16.0% higher than yesterday and 8.6% lower from last week.
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EURUSD SENTIMENT SUGGESTS 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 less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed EURUSD trading bias.
--- 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.