EUR/USD: Negative technical bias builds in the short-term
Euro relatively underperforms once more, retail long bias builds slightly.
EUR/USD Technical analysis, overview, strategies, and levels
There was little Eurozone data to go on yesterday, with PPI (Producer Price Index) figures failing to rise and data out of its periphery mixed, and where US data showed factory orders grow at a better than expected pace shaking off last month’s contraction. However, risk-related flows dominated the markets, and that meant there was little on offer in terms of movement in EUR/USD's price, opting instead to oscillate to the downside for most of the session in line with its current consolidatory technical overview whereby more of its main technical indicators are turning red. Services PMIs (Purchasing Managers Index) are up next expected to show ongoing expansion unlike Monday's manufacturing contraction, as well as a speech from the ECB's (European Central Bank) Lagarde. Out of the US, ADP's Non-Farm estimate will be released later in the day, though last time around was quite off the official figure.
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 prior to the European market open.
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.
