EUR/USD: Euro underperforms as bearish technical bias rises
Retail bias now in extreme long territory as longs hold on.
EUR/USD Technical analysis, overview, strategies, and levels
Day two of US Federal Reserve (Fed) Chairman Powell's testimony offered little in terms of the central bank chief's views regarding the US economy, reiterating his positive stance for the US economy and saying that there's no reason for the current situation in the employment market to continue. As for Eurozone data, it didn't impress with a 2.1% contraction in industrial production – its worst reading since 2012. As for EUR/USD's price, it was another price drop befitting its current bear trend technical overview that has usually offered little follow through intraday, and where its ADX (Average Directional Index) is on the verge of showing a propensity to trend. While there's significant economic data on the calendar tomorrow for the bloc in the form of preliminary GDP (Gross Domestic Figures) as well as for its manufacturing powerhouse Germany, the USD aspect of this pair has US CPI (Consumer Price Index) figures to contend with expected to show a 0.2% increase.
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.
