EUR/USD: Day ends slightly lower as Brexit uncertainty fails to subside
Positive technical bias fails to subside following last week’s bullish moves.
The latest in EUR/USD:
Eurozone data was light to begin with yesterday, with German Producer Price Index (PPI) showing a surprise small 0.1% growth, and with attention on the latest Brexit updates given how it has been affecting European currencies like the euro and franc. As for yields, the German 10-year continued to slowly inch out of negative territory.
EUR/USD Technical analysis, overview, strategies, and levels
From a technical standpoint, more positive technical bias has been forming on the back of last week’s sizeable gains, and nearly all its technical indicators are now flashing green with its price just above its 100-day moving average. However, that’s not to say it isn’t open to retracement on any Brexit updates effecting the continent, and ahead of this Thursday’s European Central Bank (ECB) monetary policy announcement.
| Current Technical Overview | Consolidation - Positive Bias |
| Technical Overview Conformist Strategies | Sell 1st Resistance After Reversal, Buy 1st Support At/Before Price |
| Technical Overview Contrarian Strategies | Buy 1st Resistance Upon Breakout From Below, Sell 1st Support Upon Breakout From Above |
| S/L for 2nd Resistance | 1.1260 |
| 2nd Resistance | 1.1238 |
| S/L for 1st Resistance | 1.1217 |
| 1st Resistance | 1.1195 |
| Relative Starting Point | 1.1152 |
| 1st Support | 1.1066 |
| S/L for 1st Support | 1.1087 |
| 2nd Support | 1.1066 |
| S/L for 2nd Support | 1.1044 |
IG client and CoT sentiment for EUR/USD
In sentiment, both retail and institutional bias remains unchanged at a majority short 60%.
EUR/USD Chart with retail and institutional sentiment
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