Retail trader data shows 41% of traders are net-long
EURUSD: Retail trader data shows 41.0% of traders are net-long with the ratio of traders short to long at 1.44 to 1. The number of traders net-long is 0.8% lower than yesterday and 29.5% lower from last week, while the number of traders net-short is 10.1% higher than yesterday and 45.7% higher from last week.
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EUR/USD Sentiment Remains Bullish
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests EUR/USD prices may continue to rise. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EUR/USD-bullish contrarian trading bias.
-Written by Tammy Da Costa, DailyFX Research