DailyFX.com -
EURUSD: Retail trader data shows 35.7% of traders are net-long with the ratio of traders short to long at 1.8 to 1. In fact, traders have remained net-short since Apr 18 when EURUSD traded near 1.06246; price has moved 17.2% higher since then. The number of traders net-long is 8.7% lower than yesterday and 24.9% lower from last week, while the number of traders net-short is 2.1% lower than yesterday and 2.7% lower 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 Dylan Jusino, 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.
