EUR/USD: Fed Chief Powell speaking today
Attention has been primarily on US data and Fed speak, a theme expected to continue today.
EUR/USD Technical analysis, overview, strategies, and levels
It was a busier day on the US front yesterday, with CPI (Consumer Price Index) figures showing contraction, a record budget deficit as US Federal Reserve (Fed) officials and politicians called for more stimulus, and talk of negative rates with the US President pushing the central bank to adopt it. And despite the rise in EUR/USD's price, it retraced off of yesterday's 1st Resistance level to aid conformist sell-on-reversal strategies. A lack of significant Eurozone data once again means the focus may remain on the US, with Fed Chair Powell speaking later today and preceded by PPI (Producer Price Index) figures expected to show contraction.
IG client* and CoT sentiment for EUR/USD
With retail (and CoT) traders holding a majority long bias, the upside movement in the pair's price was a welcoming sight, and majority long bias has dropped to 58% for the former.
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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