EUR/USD: Euro relatively outperforms following Fed decision
Overview remains volatile ahead of more data.
EUR/USD Technical analysis, overview, strategies, and levels
Following the US Federal Reserve's (Fed) decision to reduce rates and introduce quantitative easing, it did little to weaken the US dollar against the remaining FX majors, but where safe haven currencies and the euro finished higher. That took EUR/USD’s price briefly past yesterday’s Weekly 1st Resistance level and finished above its 200-day and 100-day moving averages. In terms of data we'll be getting ZEW economic sentiment figures for the Eurozone and Germany, with both expected to go into contraction due to the effects of the coronavirus on the bloc's economy and mood. Out of the US, we'll get retail data expected to show ongoing growth for the month of February and likely won't be as heavily impacting as this month's figure. Yesterday’s Empire figure dropped by its most on record to 2009 lows.
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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