The Euro is hitting fresh multi-month lows against a rampant US dollar and is testing the 108.00 big figure as the ongoing Ukrainian crisis continues to unfold in the foreign exchange market. With little in the way of technical support, and with the European Central Bank (ECB) unable to prevent further losses, the pair may soon hit 106.34, giving back all of EUR/USD’s pandemic-era gains.
Retail trader data show 66.60% of traders are net-long with the ratio of traders long to short at 1.99 to 1. The number of traders net-long is 2.25% higher than yesterday and 6.32% higher from last week, while the number of traders net-short is 25.03% higher than yesterday and 0.53% higher from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests EUR/USD prices may continue to fall. Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed EUR/USD trading bias.
What is your view on the EURO – bullish or bearish?
Retail trader data show 66.60% of traders are net-long with the ratio of traders long to short at 1.99 to 1. The number of traders net-long is 2.25% higher than yesterday and 6.32% higher from last week, while the number of traders net-short is 25.03% higher than yesterday and 0.53% higher from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests EUR/USD prices may continue to fall. Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed EUR/USD trading bias.
What is your view on the EURO – bullish or bearish?