EUR/USD: Rangebound as attention shifts to oil
Retail bias shifts to a slight majority long bias, less than that of CoT speculators.
EUR/USD Technical analysis, overview, strategies, and levels
Oil price took the attention yesterday, and hence the action within the FX market was largely amongst currencies with an energy underlying like that of the Canadian dollar. That meant there was relatively little movement for EUR/USD's price, and in turn it was an oscillatory Monday befitting its current short-term daily technical overview. In data, German PPI (Producer Price Index) was -0.8%, with the bloc's trade surplus surging to 25.8bn. And up next we'll get ZEW sentiment figures expected to show ongoing contraction but with numbers better than last month's. There will also be a meeting this Thursday between European Union officials to discuss the bloc's response.
IG client* and CoT sentiment for EUR/USD
In sentiment, retail bias was near the middle with a slight majority short 51%, and has since shifted to a slight majority long 52%.In sentiment, retail bias was near the middle with a slight majority short 51%, and has since shifted to a slight majority long 52%.
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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