EUR/USD: Euro a relative outperformer, covers weekend gap
Retail long bias drops slightly, bigger upside movement needed to shift its technical overview.
EUR/USD Technical analysis, overview, strategies, and levels
Although Germany's IFO sentiment figures showed a small improvement over last month’s reading, the bulk of the attention in the financial markets was on risk-related flows, with the weekend gap lower in equities aiding safe haven currencies, the yen the top performer by a clear margin. But the euro was the second-best performer amongst the FX majors, gaining slightly against the US dollar in a relatively volatile Monday session. The net result has done little to alter this pair's current technical overview that continues to show negative bias on the weekly, and a bear trend stalling near the lows on the daily. More data out of Germany will be released today, including final GDP (Gross Domestic Product) figures expected to show no growth as the export-oriented economy hits turbulence in the current economic environment.
IG client* and CoT sentiment for EUR/USD
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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