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Traders Net-Long Up By 22.8%
EURUSD: Retail trader data shows 56.2% of traders are net-long with the ratio of traders long to short at 1.29 to 1. In fact, traders have remained net-long since Apr 30 when EURUSD traded near 1.21686; price has moved 3.9% lower since then. The number of traders net-long is 22.8% higher than yesterday and 3.4% higher from last week, while the number of traders net-short is 0.1% higher than yesterday and 8.6% higher from last week.
EURUSD Price Unclear Based on Sentiment
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 more net-long than yesterday but less net-long from last week. The combination of current sentiment and recent changes gives us a further mixed EURUSD trading bias.
--- Written by Abdullah AlAmoudi, DailyFX Research
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.