EUR/USD: Only slightly besting the greenback
Eurozone data fails to impress, ECB’s Lagarde says easing measures are proportionate to risks.
EUR/USD Technical analysis, overview, strategies, and levels
With both the greenback and euro underperforming in the FX market against the remaining majors, the net result was little change in EUR/USD's price. In economic data, German industrial production showed a larger than expected contraction of 17.9% with its previous revised higher to -8.9%. Sentix's investor confidence reading improved but remained in negative territory and below expectations. We'll get final GDP (Gross Domestic Product) and employment figures today, and the focus for USD traders will likely remain on tomorrow's US Federal Reserve (Fed) outcome. Out of the European Central Bank (ECB), its president Lagarde yesterday said that the central bank's aggressive easing measures "are temporary, targeted, and proportionate" to the risks the eurozone's economy faces.
IG client* and CoT sentiment for EUR/USD
The lack of change in price has done little to shift sentiment, with retail traders continuing to hold a heavy short 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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