EUR/USD: Finishing last week only slightly higher, CoT bias remains majority short
Gains fail to undo negative technical bias on the weekly, bear trend channel still intact.
EUR/USD Technical analysis, overview, strategies, and levels
Although the pair’s price managed to finish higher for the week, the gains were limiting and certainly unable to take its price out of the bear trend channel on the weekly, and as a result keeping negative technical bias in place where its price is beneath all its main weekly moving averages. It’s a light economic calendar for the Eurozone for most of the week, picking up towards the end with ECB's (European Central Bank) minutes on Thursday, its President Lagarde speaking on Friday, and followed by preliminary manufacturing and service PMI (Purchasing Managers Index) figures. There’s been no US decision regarding tariffs on EU auto and parts just yet, with attention focused more on a potential US-China trade deal breakthrough.
IG client and CoT sentiment for EUR/USD
In sentiment, retail bias has risen slightly for the week to a majority long 59%, while CoT (Commitment of Traders) bias remains majority short dropping to 57% with euro long positions rising by 6,067 lots outdoing a smaller increase in euro shorts by 2,990 lots.
EUR/USD Chart with retail and institutional sentiment
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