EUR/USD: CoT long bias continues to rise
Meanwhile, retail bias shifts from majority short to majority long.
EUR/USD Technical analysis, overview, strategies, and levels
Conformist breakout strategies outperformed for the week, with EUR/USD's price suffering five consecutive days of losses that has undone most of the gains done the week before, and once again conforming to its current volatile technical overview. Its price crossed back below its 50-week moving average (as well as all its main daily moving averages throughout the course of last week), as the US dollar managed to outperform against it. Friday's final services PMIs (Purchasing Managers Index) for the bloc were devastating and worse than expected, as the services sector underperforms compared to manufacturing.
IG client* and CoT sentiment for EUR/USD
In sentiment, the latest CoT (Commitment of Traders) figures showed euro long positions rise by 2,687 lots while shorts dropped by 10,270 lots, and in turn taking majority long bias higher to a heavy long 66%. Retail bias has shifted from majority long to majority short.
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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