Technical Analysis

EUR/USD Hits 2-week Lows, Outlook Bearish

IG Client Sentiment

Web-Lengthy Reaches its Highest since Dec12

EURUSD: Retail dealer knowledge exhibits 63.1% of merchants are net-long with the ratio of merchants lengthy to quick at 1.71 to 1. The share of merchants net-long is now its highest since Dec 12 when EURUSD traded close to 1.13724. The variety of merchants net-long is 47.7% increased than yesterday and 18.four% increased from final week, whereas the variety of merchants net-short is 32.2% decrease than yesterday and 19.6% decrease from final week.

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EURUSD Sentiment Suggests a Bearish Bias

We sometimes take a contrarian view to crowd sentiment, and the actual fact merchants are net-long suggests EURUSD costs might proceed to fall. Merchants are additional net-long than yesterday and final week, and the mix of present sentiment and up to date adjustments offers us a stronger EURUSD-bearish contrarian buying and selling bias.

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— Written by Fan Xu, DailyFX Analysis

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