EUR/USD: USD underperforms for the week
Both retail and CoT bias remain majority long, beneficiaries of last week’s price increase.
EUR/USD Technical analysis, overview, strategies, and levels
Volatility started to drop, and in turn EUR/USD's price has begun testing momentum-based strategies that were relative outperformers over the past few months. Hence, while its price crossed above last week's Weekly 1st Resistance, it failed to offer much beyond it. That's not to say more fundamental moves won't be in store for this pair's price or financial markets in general, as the effects of Thursday's agreement between EU finance chiefs worth €500bn as well as the US Federal Reserve's recent announcements are yet to be felt in full.
IG client* and CoT sentiment for EUR/USD
In sentiment, retail bias is little changed since the start of last week opting to remain in majority long territory, while the latest CoT (Commitment of Traders) report shows larger speculators increase euro long positions by 6,138 lots and short positions by 761 lots, and in percentage terms doing little to shift its current heavy long 66% bias.
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.
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