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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

EUR/USD: German constitutional court ruling today

Lack of data out of the Eurozone, but a few items including ISM out of the US.

EURUSD Source: Bloomberg

EUR/USD Technical analysis, overview, strategies, and levels

Final manufacturing PMIs (Purchasing Managers Index) out of the Eurozone confirmed heavy contraction for the sector with significant sub-50 readings for the bloc with its lowest ever reading, as well as for its core countries. Sentix's investor confidence reading failed to rebound with another big negative figure, and for today the economic data will mostly be low-impacting. The one event of crucial importance to European debt holders will be Germany's constitutional court ruling regarding the ECB's (European Central Bank) bond purchasing program which has fewer restrictions than its 2015 quantitative easing program. Should the court rule in favor but impose more restrictions, and spreads could widen between EZ countries' yields. The euro underperformed amongst the FX majors yesterday, taking its price back below its 50-day moving average.

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EURUSD TA Source: IG charts

IG client* and CoT sentiment for EUR/USD

EURUSD sentiment Source: IG charts

EUR/USD Chart with retail and institutional sentiment

EURUSD chart Source: IG charts

*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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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.

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