NUMBER OF TRADERS NET-LONG HAS DECREASED BY 7.7% FROM LAST WEEK
EURUSD: Retail trader data shows 51.6% of traders are net-long with the ratio of traders long to short at 1.07 to 1. The number of trader’s net-long is 7.7% higher than yesterday and 7.7% lower from last week, while the number of traders net-short is 8.3% lower than yesterday and 5.5% higher from last week.
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EUR/USD SENTIMENT REMAINS BEARISH
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.
— Written by Warren Venketas, DailyFX Research