EUR/USD Trading Sentiment Analysis: Shift to Net-Long Positions Observed Since March 06, 2024
Decline in Net-Short Traders by 17.40% Over the Past Week
The latest data on EUR/USD retail trading sentiment indicates a net-long position held by 51.50% of traders. The ratio of long to short traders stands at 1.06 to 1. Notably, this net-long stance has been maintained since March 06, 2024, when the EUR/USD was valued near 1.09, with a marginal price decrease of 0.09% observed since.
The proportion of traders net-long has surged by 25.63% compared to yesterday and by 27.10% over the past week. Conversely, traders holding net-short positions have diminished by 25.93% since yesterday and by 17.40% within the last week.
Adopting a contrarian perspective on crowd sentiment, the prevailing net-long positioning among traders hints at a potential downtrend for EUR/USD prices.
The current analysis underscores a significant shift to net-long positions in EUR/USD trading since March 06, 2024. This trend, alongside a notable increase in net-long traders and a decrease in net-short traders, strengthens the bearish outlook for EUR/USD from a contrarian viewpoint.
