EUR/USD: Euro underperforms
Eurozone CPI and German employment figures set for release.
EUR/USD Technical analysis, overview, strategies, and levels
The euro was a relative underperformer yesterday in the FX market, taking EUR/USD's price back below its 200-day moving average and broke below its weekly support level before partially, testing conformist breakout strategies at the very start of the week. The news thus far hasn't been positive for the US nor the Eurozone, with the bloc in recession according to the IMF. In economic data, German preliminary CPI (Consumer Price Index) figures showed a 0.1% increase, with preliminary Eurozone CPI figures up next. German employment data will also be released, with expectations for its unemployment rate to rise.
IG client* and CoT sentiment for EUR/USD
In sentiment, majority short retail bias has increased slightly to 59%, anticipating further weakness in the euro which has thus far worked to their favor.
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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