EUR/USD: Euro finishes higher but suffers this morning
Trader bias remains majority short, Italy on lockdown.
EUR/USD Technical analysis, overview, strategies, and levels
After nearly touching 1.15 (the Weekly's 1st Resistance level), EUR/USD's price dropped back into the 1.13s in a volatile session as markets interpreted the latest moves in oil and the stock market. Economic data was already low-impacting and less relevant with the current geopolitical shifts taking place, and hence mixed German data meant less in the current context. More low-impacting data will be released today including Eurozone GDP and employment, as well as industrial production figures for some of its countries. The technical overview remains volatile, with the main daily technical indicators showing far more bullish bias. With Italy on lockdown, media focus is negative for the bloc, though with rate cuts priced in for the US Federal Reserve and yields plummeting it has hardly made US assets more enticing.
IG client* and CoT sentiment for EUR/USD
Retail bias is little changed despite the volatility, with traders continuing to hold a heavy short bias at 66%, higher than that of larger speculative traders according to last Friday’s CoT (Commitment of Traders) report.
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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