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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

EUR/USD: Retail bias moves closer to the middle as longs take profit

Pound and euro outperformed yesterday, enticing longs into taking profit and pushing retail bias closer to the middle.

EURUSD Source: Bloomberg

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

There wasn't a lot to go on yesterday in terms of the economic calendar, and that looks set to remain that way for EUR/USD with low-impacting items today and tomorrow as well. From a technical standpoint, nearly all its main technical indicators remain neutral, but where its ADX (Average Directional Index) is showing a propensity to trend on the daily. Its price is back near its 100-day moving average, and where a positive DMI (Directional Movement Index) cross occurred. And while gains yesterday have aided the pair's price in finishing higher for the session as the euro was the second-best performer, far more will be needed to undo its current long-term weekly bear trend channel.

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EURUSD TA Source: IG charts
EURUSD TA Source: IG charts

IG client and CoT sentiment for EUR/USD

The limited gains have enticed longs into taking profit following a third consecutive day of higher finishes, and retail bias as a result has dropped 6% pushing closer to the middle.

EURUSD sentiment Source: IG charts
EURUSD sentiment Source: IG charts

EUR/USD Chart with retail and institutional sentiment

EURUSD chart Source: IG charts
EURUSD chart Source: IG charts

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