EUR/USD: On the verge of a technical overview shift
Commodity currencies hit hardest, but euro fails to outperform against the US dollar
EUR/USD Technical analysis, overview, strategies, and levels
Commodity currencies plummeted and safe haven currencies outperformed, with the euro and dollar little changed against each other. German IFO business sentiment figures surprised to the downside, and contrasting better than expected sentiment figures out of ZEW last week. Overall, EUR/USD's performance has been tested by downside pressures, and yesterday was no exception to that with a third consecutive decline. From a technical standpoint, the short-term overview is showing more negative technical bias, with its main technical indicators flashing red as it approaches an important short-term support level. Light data out of the Eurozone today, before the focus shifts to the US Federal Reserve's monetary policy announcement tomorrow.
IG client* and CoT sentiment for EUR/USD
Retail bias is unchanged from yesterday’s heavy long 66% anticipating retracement, while larger speculative traders according to last Friday’s CoT (Commitment of Traders) report continue to hold a moderate majority short 56% bias.
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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