DailyFX.com -
IG Client Sentiment data shows that traders remain steadily net-short the Euro versus the US Dollar , and indeed a recent build in short positions further cements our call for further EURUSD gains.
Euro Sentiment Chart
EURUSD: Retail trader data shows 34.8% of traders are net-long with the ratio of traders short to long at 1.87 to 1. The number of traders net-long is 9.9% lower than yesterday and 15.0% lower from last week, while the number of traders net-short is 18.2% higher than yesterday and 23.1% higher from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests EURUSD 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 EURUSD-bullish contrarian trading bias.
--- Written by David Rodriguez, Senior Strategist for DailyFX.com
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.
