EUR/USD: Both IG client and CoT bias remains majority short as price flirts with its upper weekly bear trend channel
Positive technical bias on the daily outlook brushes up against weekly long-term negative bias.
EUR/USD Technical analysis, overview, strategies, and levels
Final manufacturing PMI (Purchasing Managers Index) figures are due to be released today for the Eurozone, and where Germany's is expected to remain in contraction. There will also be Sentix's investor confidence figure, and a speech from the ECB's Lagarde. Neither end of the last week's weekly outlook ranges reached, nearly touching the upper 1st Resistance level which nearly coincided with the upper end of its bear trend channel that it has had difficulty breaching.
| Current Technical Overview | Consolidation - Negative Bias |
| Technical Overview Conformist Strategies | Sell 1st Resistance At/Before Price, Buy 1st Support After Reversal |
| Technical Overview Contrarian Strategies | Buy 1st Resistance Upon Breakout From Below, Sell 1st Support Upon Breakout From Above |
| S/L for 2nd Resistance | 1.1387 |
| 2nd Resistance | 1.1343 |
| S/L for 1st Resistance | 1.1299 |
| 1st Resistance | 1.1255 |
| Relative Starting Point | 1.1167 |
| 1st Support | 1.1079 |
| S/L for 1st Support | 1.1035 |
| 2nd Support | 1.0991 |
| S/L for 2nd Support | 1.0947 |
IG client and CoT sentiment for EUR/USD
In sentiment, retail bias was nearly in the middle at the start of last week, and starts this week with a majority short 59% bias that is nearly identical to the CFTC's latest CoT (Commitment of Traders) report which stands at a majority short 57%, with a reduction in euro longs by 2,113 lots and an increase in euro shorts by 112 lots failing to change its bias.
EUR/USD Chart with retail and institutional sentiment
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