EUR/USD: Positive technical bias continues to build ahead of possible trade updates
German sentiment figures and a speech from the ECB’s Lagarde items to look out for on the economic calendar.
EUR/USD Technical analysis, overview, strategies, and levels
There was little data to go on yesterday out of the Eurozone, but in terms of US data housing was better than expected with building permits and housing starts at fresh highs unseen since 2007. Industrial production avoided last month’s contraction by growing 1.1%, and in the job market JOLTS beat expectations. Yet, the dollar couldn’t best the euro, and the net result for EUR/USD was a higher finish in a consolidatory fashion that thus far has done little to tilt its current technical overview that has been largely consolidatory intraday but showing short-term positive technical bias. We've got more data today with Germany's IFO figures, PPI (Producer Price Index), and a speech from the ECB's (European Central Bank) Lagarde, though any possible US-EU trade headlines should be something to bear in mind.
IG client and CoT sentiment for EUR/USD
EUR/USD Chart with retail and institutional sentiment
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