EUR/USD: CoT long bias rises to 68%
Significant items in store for the Eurozone this week.
EUR/USD Technical analysis, overview, strategies, and levels
It's a relatively significant week for Europe, with earnings, meetings, and preliminary PMIs (Purchasing Managers Index). And while the economic calendar today is light, we'll be getting ZEW economic sentiment figures tomorrow. In central bank news out of the bloc, the ECB's (European Central Bank) Villeroy said more action could be taken to fulfill price stability, following €20b worth of capital relief last Wednesday. Be on the lookout for any potential debt downgrades, especially as the difference between Italian and German yields moved higher last week. In terms of EUR/USD's price, it failed to reach either end of last week's key pivot points, with the weekly overview back to a bear trend and running in contrast with a short-term daily consolidatory overview.
IG client* and CoT sentiment for EUR/USD
As for sentiment, retail bias starts the week with a slight majority short bias, and a 3,893 lot increase in euro long positioning combined with a simultaneous reduction in euro shorts by 3,100 lots has taken CoT (Commitment of Traders) speculator bias up to a heavy long 68%.
EUR/USD Chart with retail and institutional sentiment
*The percentage of IG client accounts with positions in this market that are currently long or short. Calculated to the nearest 1%, as of today morning 8am.
Be sure to request IG’s Weekly & Daily Market Report when you open an account with IG Dubai and get access to the full information on the FX majors, commodities, indices, and Bitcoin.
This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.
See an opportunity to trade?
Go long or short on more than 17,000 markets with IG.
Trade CFDs on our award-winning platform, with low spreads on indices, shares, commodities and more.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
