EURUSD Tests Resistance Level With Mixed Bias

Traders Remain Net-Long Since Apr 30

EURUSD: Retail trader data shows 53.7% of traders are net-long with the ratio of traders long to short at 1.16 to 1. In fact, traders have remained net-long since Apr 30 when EURUSD traded near 1.22322; price has moved 3.5% lower since then. The number of traders net-long is 6.0% higher than yesterday and 3.7% lower from last week, while the number of traders net-short is 4.8% higher than yesterday and 0.2% lower from last week.

EUR/USD Sentiment Doesn’t Give Clear Signal

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests EURUSD prices may continue to fall. Positioning is more net-long than yesterday but less net-long from last week. The combination of current sentiment and recent changes gives us a further mixed EURUSD trading bias.

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