FxWirePro: FX Sentiments suggest traders’ undecided over next move in Euro

The sentiment reports from IG Markets, which is a UK-based company providing trading in financial derivatives such as contracts for difference and financial spread betting, strongly suggest that traders remain broadly undecided over next move in the USD against its major trading counterparts.

IG markets’ retail positions data provide a glimpse to retail traders’ positions, which are largely used a contrarian indicator since retail positioning moves in opposite direction to market movements.

Latest numbers suggest that as of today, 51 percent of the retail positions are on the long side, while 49 percent are short on the single currency, which points to the fact that traders remain broadly undecided over the next move, with the bias being marginally on the downside.

The single currency is currently trading at 1.144 against the USD. It has been hovering in a range of 500 pips (1.13-1.18) since summer of last year.