EUR/USD: Fed minutes released today
ZEW figures impressed, final CPI figures up next out of the Eurozone.
EUR/USD Technical analysis, overview, strategies, and levels
Although the euro enjoyed gains early on in yesterday’s session, EUR/USD’s price retraced off of yesterday’s 1st Resistance level (and roughly 100-day moving average) to aid conformist reversals. From a technical standpoint, three consecutive days of gains has given the pair more positive technical bias, and a positive DMI (Directional Movement Index) cross has occurred. Economic data impressed with ZEW economic sentiment figures better than expected, and up next we get final CPI (Consumer Price Index) figures. Elsewhere and in political news, the party of the French president lost its outright majority in parliament.
IG client* and CoT sentiment for EUR/USD
Retail traders continue to hold a majority short bias in the pair, and while that bias has increased a couple notches to 58% it remains at moderate sell levels due to significant retracement off the highs giving shorts a chance to close out.
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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