EUR/USD: ECB launches €750bn bond-buying program
US dollar heavily outperforms again.
EUR/USD Technical analysis, overview, strategies, and levels
Yesterday's 1st and 2nd Support levels were breached yesterday as the US dollar surged higher to best the remaining FX majors, and in turn aided conformist breakout strategies in line with EUR/USD’s current volatile technical overview. There were plenty of central bank announcements, including the ECB launching a €750bn bond-buying program that’ll cover both sovereign and corporate debt through its Pandemic Emergency Purchase Programme, and the US Fed announcing a plan for money market mutual funds. Economic data out of the Eurozone has been largely irrelevant in the face of the coronavirus, with figures set to worsen in the near future as the bloc heads for a big recession (if not worse).
IG client* and CoT sentiment for EUR/USD
In sentiment, retail traders haven’t reduced their short bias, but instead have increased it as range-trading strategies get squeezed and force a shift to momentum-based strategies.
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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