EUR/USD: Euro relatively outperforms, focus shifts to FOMC
Brief dip into the 1.09s takes retail sentiment higher into heavy long territory.
EUR/USD Technical analysis, overview, strategies, and levels
It's a big day for the US dollar, and for any USD denominated pairs like this one, as the US Federal Reserve (Fed) is set to announce its monetary policy. No changes are expected, and money markets aren’t pricing in any changes, though as always we can expect additional volatility not just on the announcement but on the Fed Chair Powell's press conference. What little on offer on the economic calendar out of the Eurozone is expected to be low-impacting, and ahead of more impacting data on Friday with preliminary tier-one data. Technicals matter little in the face of significant fundamental events, with the overview showing significant negative technical bias even if EUR/USD managed to recover after briefly dipping into the 1.09s.
IG client* and CoT sentiment for EUR/USD
Going into tonight's fundamental event retail bias is heavy long at 69% rising 3% on the day before, while institutional bias is at a majority short 56%.
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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