Technical Analysis

EUR/USD: Merchants Internet-Lengthy Will increase from Final Week

EURUSD

65.7% OF TRADERS ARE NET-LONG

EURUSD: Retail dealer knowledge exhibits 65.7% of merchants are net-long with the ratio of merchants lengthy to brief at 1.91 to 1. In truth, merchants have remained net-long since Jan 10 when EURUSD traded close to 1.1554; value has moved 1.6% decrease since then. The share of merchants net-long is now its highest since Dec 31 when EURUSD traded close to 1.1464. The variety of merchants net-long is 2.zero% increased than yesterday and 27.2% increased from final week, whereas the variety of merchants net-short is eight.2% decrease than yesterday and four.three% increased from final week.

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EURUSD SENTIMENT CONTINUES TO SUGGEST 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 provides us a stronger EURUSD-bearish contrarian buying and selling bias.

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— Written by Nancy Pakbaz, CFA, DailyFX Analysis


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