EUR/USD: Retail bias moves closer to the middle as longs take profit
Pound and euro outperformed yesterday, enticing longs into taking profit and pushing retail bias closer to the middle.
EUR/USD Technical analysis, overview, strategies, and levels
There wasn't a lot to go on yesterday in terms of the economic calendar, and that looks set to remain that way for EUR/USD with low-impacting items today and tomorrow as well. From a technical standpoint, nearly all its main technical indicators remain neutral, but where its ADX (Average Directional Index) is showing a propensity to trend on the daily. Its price is back near its 100-day moving average, and where a positive DMI (Directional Movement Index) cross occurred. And while gains yesterday have aided the pair's price in finishing higher for the session as the euro was the second-best performer, far more will be needed to undo its current long-term weekly bear trend channel.
IG client and CoT sentiment for EUR/USD
The limited gains have enticed longs into taking profit following a third consecutive day of higher finishes, and retail bias as a result has dropped 6% pushing closer to the middle.
EUR/USD Chart with retail and institutional sentiment
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