NUMBER OF TRADERS NET-LONG HAS INCREASED BY 7.5% HIGHER THAN YESTERDAY
EURUSD: Retail trader data shows 60.6% of traders are net-long with the ratio of traders long to short at 1.54 to 1. In fact, traders have remained net-long since May 15 when EURUSD traded near 1.12069; price has moved 0.6% lower since then. The number of trader’s net-long is 7.5% higher than yesterday and 1.1% higher from last week, while the number of trader’s net-short is 10.2% lower than yesterday and 1.9% lower from last week.
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EUR/USD SENTIMENT REMAINS BEARISH
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggesting 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 Warren Venketas, DailyFX Research
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