Given the massive risk-off sentiment at the start of this week, this sentiment snapshot provides some perspective on recent moves but from a contrarian viewpoint
EUR/USD IG Client Sentiment: Our data shows traders are now net-long EUR/USD for the first time since Jul 03, 2024 when EUR/USD traded near 1.08.Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.01% 🇪🇺EUR: -0....as industries are less likely to be expanding.
Given the high percentage of long positions, our contrarian approach suggests a potential downward trend in US Crude Oil prices. However, the mixed changes in positioning over different time frames present a, with a long-to-short ratio of 1.12 to 1. Long positions have decreased by 2.93% since yesterday and 17.23% from last week. Short positions show a slight 0.64% decrease from yesterday but a 4.01% increase from last week.
While the majority long position typically indicates a potential price decrease in our contrarian view, the recent reduction in long positions and increase in short positions suggest a, with a long-to-short ratio of 5.43 to 1. Long positions have decreased by 3.25% since yesterday but increased by 4.27% from last week. Short positions show a 0.80% increase from yesterday but a significant 38.54% decrease from last week.
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