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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: Partial retracement as its price oscillates

Retail shorts unwind on the move lower but still holding majority sell bias.

EUR Source: Bloomberg

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

Monday's gains in EUR/USD's price were in for partial retracement yesterday, and here conformist buy-on-fade strategies outperformed off of yesterday's 1st Support level on a lack of intraday follow through and momentum beyond its key pivot points. Eurozone economic data showed German industrial production growing but below higher expectations, while foreign currency reserves out of the Swiss National Bank surged to nearly 850bn, as the central bank continues its fight against the franc significantly appreciating against the euro. European Commission forecasts showed a lowered outlook for growth. Low-impacting data today for both aspects of this pair, so expect any movement to be unrelated to the economic calendar.

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EURUSD TA Source: IG charts

IG client* and CoT sentiment for EUR/USD

In sentiment, majority short retail traders prefer downside moves to unwind shorts, with the bias dropping to 58% from yesterday’s 61%.

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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