EUR/USD: Weekly Long Positions Climb 10%

EUR/USD: Weekly Long Positions Climb 10%

Net-Short Positions Drop 10% Since Last Week

EURUSD: Retail trader data shows 56.3% of traders are net-long with the ratio of traders long to short at 1.29 to 1. In fact, traders have remained net-long since Oct 01 when EURUSD traded near 1.15754; price has moved 0.7% lower since then. The number of traders net-long is 10.4% higher than yesterday and 0.5% lower from last week, while the number of traders net-short is 6.8% lower than yesterday and 10.5% higher from last week.

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Mixed Bias Lurks Over EUR/USD

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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— Written by Jake Schoenleb, DailyFX Research

Article source: https://www.dailyfx.com/forex/technical/ssi/eur-usd/2018/10/18/ssi_eur-usd.html