EUR/USD: CoT majority long bias surges
USD weakness aids the pair’s price, retail bias shifts to majority short
EUR/USD Technical analysis, overview, strategies, and levels
EUR/USD's price enjoyed its sixth consecutive trading day of gains last Friday, sending it well past last week's Weekly (and Daily) resistance levels and more than aiding conformist technical breakout strategies in line with its current technical overview, as the US Dollar was a clear underperformer against the remaining FX majors. EU leaders were unable to agree late last week to issue joint debt, and on the central bank front the ECB (European Central Bank)'s decision to remove its limits on bond-buying sent European bonds higher, and in turn sending yields lower, as unlimited QE wasn't just being applied by the US Federal Reserve (Fed) anymore.
IG client* and CoT sentiment for EUR/USD
The surge in its price has aided both retail traders whose bias shifted from majority long to majority short, while CoT (Commitment of Traders) bias has jumped to 63% on an increase in euro long positions by 5,227 lots and a simultaneous reduction in shorts by 23,568 lots.
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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