EUR/USD: Technical overview remains negative on the daily ahead of ZEW sentiment figures
Reports of possible US auto tariff delay may aid sentiment, but unconfirmed thus far.
EUR/USD Technical analysis, overview, strategies, and levels
There was little Eurozone data to go on yesterday, and with a US bank holiday it was a relatively quiet US session awaiting more market-moving data later in the week. ZEW sentiment figures will be released today with expectations for ongoing (but better than expected) contracting economic sentiment figures, and ahead of GDP (Gross Domestic Product) figures on Thursday. In positive news for the bloc, there have been reports that the US president may delay his tariff decision due this week on autos and parts imported from the EU for possibly another six months, which would prevent the trade war from significantly expanding to Europe. From a technical standpoint, the pair’s price failed to close above its 50-day moving average in what was a relatively rangebound FX session.
IG client and CoT sentiment for EUR/USD
That in turn has kept retail sentiment unchanged at a majority long 57%, and near opposite majority short bias held by institutional traders at 58%.
EUR/USD Chart with retail and institutional sentiment
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