EURUSD: Traders Remain Net-Long Since April 12
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NET-SHORT POSITIONS INCREASED BY 16.6% FROM YESTERDAY
EURUSD: Retail trader data shows 56.0% of traders are net-long with the ratio of traders long to short at 1.27 to 1. In fact, traders have remained net-long since Apr 12 when EURUSD traded near 1.12974; price has moved 0.4% lower since then. The number of traders net-long is 3.0% lower than yesterday and 6.7% higher from last week, while the number of traders net-short is 16.6% higher than yesterday and 5.8% lower from last week.
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EURUSD PROMPTS A MIXED TRADING 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.