EUR/USD: EU meeting and preliminary PMIs
Out of the US, unemployment claims will be of crucial importance.
EUR/USD Technical analysis, overview, strategies, and levels
It was another relatively rangebound session for EUR/USD's price, once again failing to offer pivot point action and enticing more range-trading at risk of getting caught out in a trend move with fundamental items on the economic calendar today. Preliminary manufacturing and services PMIs (Purchasing Managers Index) expected to show ongoing heavy contraction and an EU meeting later today on the bloc's fiscal response are the more important items, with attention towards the US session shifting to the infamous unemployment claims. In central bank news, the ECB (European Central Bank) will accept junk bonds as collateral for banks to finance themselves. Expect pivot points to get easily tested depending on the results of these significant items, and where contrarian strategies can't be ruled out should volatility spike.
IG client* and CoT sentiment for EUR/USD
Going into today's event retail bias is back in majority long territory having shifted from the middle.
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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