EUR/USD: Net-Long Positions increase by 58.3% from Last Week
EUR/USD Poised for further losses as traders buy
EUR/USD: Retail trader data shows 64.8% of traders are net-long with the ratio of traders long to short at 1.84 to 1. The number of traders net-long is 9.2% higher than yesterday and 58.3% higher from last week, while the number of traders net-short is 9.0% higher than yesterday and 32.0% lower from last week.
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Current sentiment suggests bearish trading bias
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests EUR/USD 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 EUR/USD-bearish contrarian trading bias.
-Written by Tammy Da Costa, DailyFX Research
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.