EUR/USD: CoT speculators up euro long positions
Technicals continue to show positive bias, but we’ve got significant fundamental items this week.
EUR/USD Technical analysis, overview, strategies, and levels
While the euro managed to best the US dollar last week, EUR/USD's price failed to reach either of its key Weekly pivot points, closing in on its Weekly 1st Resistance level and on its Daily 1st Support level offering a buy opportunity as it retraced on Friday to close slightly higher. In the process, it briefly crossed but failed to finish above its 200-week moving average, with more of its short and long-term technicals continuing to show positive technical bias. While the overview is consolidatory on what has been a relative lack of movement as of late, its pivot points are far more likely to break this week on the back of fundamental items such as Thursday's ECB (European Central Bank) meet, as well as Friday's EU leaders summit.
IG client* and CoT sentiment for EUR/USD
In sentiment, CoT (Commitment of Traders) speculators have upped their euro longs by 4,772 lots outdoing a small increase in shorts, keeping the bias in heavy long territory.
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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