CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure. CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure.

EUR/USD: CoT bias rises to a majority buy 67%

ZEW figures tomorrow and the EU debate over the coronavirus fund later this week, reopening continues.

EUR/USD Technical analysis, overview, strategies, and levels

The US dollar enjoyed a boost towards the end of last week, and in turn managed to take EUR/USD's price back below its 200-week moving average for the second week running and keep its long-term bear trend channel roughly intact. As a result the breakout above the 1.14+ levels was short-lived in a real test of its daily technical bull trend overview that has been stalling heavily at these levels. And while the weekly overview has been relatively more contained, it's still open to breakout opportunities should any significant fundamental news emerge on the EUR or USD front. Plenty of US Federal Reserve (Fed) speak and testimony this week, as well as the EU debate over the coronavirus recovery fund on Thursday and Friday could result in pivot point breaks on any significant updates.

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IG client* and CoT sentiment for EUR/USD

On the sentiment front, retail sentiment is heavy short and has risen since the start of last week, while larger speculative traders according to the latest CoT (Commitment of Traders) report have increased long positions by 10,257 lots and reduced shorts by 4,152 lots.

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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CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

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