EUR/USD: Third consecutive day of decline
Losses mount ahead of tomorrow’s Moody’s decision regarding Italian debt.
EUR/USD Technical analysis, overview, strategies, and levels
A third consecutive day of losses for EUR/USD's price, and certainly not helped by Tuesday's German constitutional court decision, worsening economic data with heavy contractions in the services sector recorded yesterday, and predictions from the European Commission of the economy shrinking 7.5% this year. And more fundamental items are in store including Moody's decision regarding Italian debt tomorrow, and the ECB's (European Central Bank) Lagarde participating in a webinar where she'll likely be pressed on the recent court ruling. USD pairs will also be in for potentially big moves with unemployment claims today and NFP (Non-Farm Payrolls) tomorrow. Technicals are less relevant in the face of fundamental items, even if clear negative technical bias is forming with a negative DMI (Directional Movement Index) cross occurring yesterday.
IG client* and CoT sentiment for EUR/USD
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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