The Euro has seen varied flows over the last week and that leaves the outlook for EUR/USD and EUR/GBP mixed
According to the latest IG retail trader data, 54.49% of traders hold a net-long position, with the ratio of long to short traders at 1.20 to 1. The number of net-long traders has decreased by 0.84% compared to the previous day but has increased by 34.83% compared to last week. On the other hand, the number of net-short traders has increased by 7.36% from yesterday but has decreased by 4.00% from last week.may continue to fall.
The latest IG retail trader data reveals that 73.13% of traders are maintaining a net-long position, with the ratio of long to short traders standing at 2.72 to 1. While the number of net-long traders has increased by 1.73% compared to the previous day, it has decreased by 6.71% from last week. In contrast, the number of net-short traders has decreased by 3.00% from yesterday but has increased by 48.09% from last week.
Our strategy typically involves taking a contrarian view to crowd sentiment, and the fact that traders are net-long suggests that EUR/prices may continue to decline. However, the positioning is more net-long than yesterday but less net-long compared to last week. This combination of current sentiment and recent changes presents a mixed trading bias for the EUR/GBP pair.
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