EUR/USD: Euro outperforms for a change, but fails to shake off its negative technical bias
Gains fail to move retail long bias, as bulk of longs initiated above current market price.
EUR/USD Technical analysis, overview, strategies, and levels
There was little on offer out of the Eurozone in terms of economic calendar data, and that meant focus was on the evening's US FOMC minutes which showed optimism surrounding the central bank’s ability to keep monetary policy on hold this year despite new risks, even as money markets majority price in a rate cut later this year. With Fed minutes out of the way, it's time for the ECB (European Central Bank) to release its minutes, though there's been no surprise regarding the central bank's emphasis on fiscal policy in a bloc where limits on deficit and debt to GDP (Gross Domestic Product) may hinder its countries' ability to introduce fiscal stimulus the likes of which are being seen elsewhere. There will also be low-impacting items including German GfK's reading, and PPI (Producer Price Index). From a technical standpoint, yesterday's moves while moving against its technical overview has failed to shift it as all its main technical indicators continue to flash red, and where the 50-day moving average crossed below the 100-day MA.
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.
Be sure to request IG’s Weekly & Daily Market Report when you open an account with IG Dubai and get access to the full information on the FX majors, commodities, indices, and Bitcoin.
This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.
See an opportunity to trade?
Go long or short on more than 17,000 markets with IG.
Trade CFDs on our award-winning platform, with low spreads on indices, shares, commodities and more.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
