NET-LONG POSITIONS ARE 9.6% LOWER FROM LAST WEEK
EURUSD: Retail trader data shows 50.8% of traders are net-long with the ratio of traders long to short at 1.03 to 1. The number of traders net-long is 2.8% higher than yesterday and 9.6% lower from last week, while the number of traders net-short is 1.8% lower than yesterday and 26.7% higher from last week.
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EURUSD SENTIMENT SUGGESTS A BEARISH TRADING BIAS
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests EURUSD 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 EURUSD-bearish contrarian trading bias.
— Written by Nancy Pakbaz, CFA, DailyFX Research
Follow Nancy on Twitter @NancyPakbazFX