EUR/USD: US dollar continues to weaken against the FX majors
Both retail and CoT bias remain majority short.
EUR/USD Technical analysis, overview, strategies, and levels
There wasn't a lot to go on yesterday in terms of Eurozone data with mostly low-impacting items on the economic calendar, and that looks set to remain that way today with a German bank holiday as well. Out of the US, yesterday's data showed its trade deficit narrow, while ISM-Chicago's PMI (Purchasing Managers Index) continued to show a contracting reading. In housing data, pending home sales registered a 1.2% rise following what has been mixed results out of the housing sector. As for market movement, EUR/USD's increase was largely down to further greenback weakness as we head into 2020, and as a result its technical overview while consolidatory is showing far more positive technical bias in the short-term as a daily bull trend channel forms, and in the long-term brushing up against the upper end of its bear trend channel seen more visibly on the weekly chart.
IG client and CoT sentiment for EUR/USD
In sentiment, retail bias is unchanged at a majority short 60%, while institutional sentiment has inched higher to a majority short 59% on a reduction in euro longs by 5,092 lots and a simultaneous increase in euro shorts 2,157 lots.
EUR/USD Chart with retail and institutional sentiment
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