EUR/USD: Light on data prior to Thursday’s ECB
Retail bias shifts to the middle, CoT remain majority long
EUR/USD Technical analysis, overview, strategies, and levels
The technical overview on the Weekly continues to show negative bias, with EUR/USD's price dropping intraweek to aid conformist breakout strategies on weekly pivot points. In the short-term, its daily technical overview is more consolidatory, and its daily pivot points have been holding in the short-term on intraday moves. The economic calendar for the Eurozone is mostly low-impacting until this Thursday's ECB (European Central Bank) announcement preceded by preliminary GDP (Gross Domestic Product), CPI (Consumer Price Index), and unemployment figures. positioning.
IG client* and CoT sentiment for EUR/USD
In sentiment, retail bias rose intraweek to a majority long 58% as shorts got out and fresh range-trading longs initiated, with the bias dropping back to the middle thanks to Friday's higher finish. As for CoT (Commitment of Traders) speculators, they remain heavy long at 67% with similar increases in both euro long and short
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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