Technical Analysis

EUR/USD: Weekly Lengthy Positions Stoop 33% Resulting in a Bullish Bias

IG CLIENT POSITIONING

The Internet-Lengthy Place is 33% decrease than final week

EURUSD: Retail dealer knowledge reveals 48.1% of merchants are net-long with the ratio of merchants quick to lengthy at 1.08 to 1. The variety of merchants net-long is 12.three% decrease than yesterday and 32.7% decrease from final week, whereas the variety of merchants net-short is four.5% decrease than yesterday and 24.2% larger from final week.

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EUR/USD Sentiment Suggests a Bullish Bias

We usually take a contrarian view to crowd sentiment, and the very fact merchants are net-short suggests EURUSD costs could proceed to rise. Merchants are additional net-short than yesterday and final week, and the mix of present sentiment and up to date modifications offers us a stronger EURUSD-bullish contrarian buying and selling bias.

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— Written by Fan Xu, DailyFX Analysis


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