EUR/USD: ZEW figures and Powell’s testimony up next
US dollar back in retreat, bullish technical overview stalls.
EUR/USD Technical analysis, overview, strategies, and levels
The sell everything moment witnessed yesterday turned into a buy everything moment following the US Federal Reserve's (Fed) announcement of the start of its corporate bond buying program today, which lead to big risk-on moves in the financial market and sent the US dollar into retreat. EUR/USD's price ended higher to cross and close above the last of its main short-term moving averages, and keep its current (Daily) stalling bull trend technical overview intact. That's not to say it won't be open to more volatile movement with fundamental items today and later this week. While ZEW economic sentiment figures will be released out of the Eurozone, it's US retail data and the Fed's Chair Powell testifying later today that'll likely keep USD pairs volatile.
IG client* and CoT sentiment for EUR/USD
Retail short bias has dropped from yesterday's heavy short 69% to 65% as of this morning, near exact opposite that of larger speculative traders.
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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