EURUSD: Bullish Bias as Price Tests 1.1800

Euro Short-Trades Spike by 14%

EURUSD: Retail trader data shows 51.4% of traders are net-long with the ratio of traders long to short at 1.06 to 1. In fact, traders have remained net-long since Apr 30 when EURUSD traded near 1.21208; price has moved 2.4% lower since then. The number of traders net-long is 7.9% lower than yesterday and 4.4% lower from last week, while the number of traders net-short is 14.2% higher than yesterday and 10.4% higher from last week.

Euro to Catch a Breather According to Bias

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests EURUSD prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current EURUSD price trend may soon reverse higher despite the fact traders remain net-long.

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