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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: Short-term resistance levels holds as greenback outperforms amongst the FX majors

Retracement fails to upend current positive technical bias that has formed on the daily chart.

EURUSD Source: Bloomberg

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

Final manufacturing PMIs (Purchasing Managers Index) for the Eurozone were mostly better than preliminary figures, and where Sentix's investor confidence figure showed a better than expected but still contracting reading. And with little out of the Eurozone today, attention will be on US ISM's (Institute for Supply Management) reading, especially in light of record highs in the US stock market and yesterday’s outperformance from the US dollar compared to the remaining FX majors. From a technical standpoint, the pair’s daily bull trend line is still holding, and its price nearly crossed below its 100-day moving average.

Current Technical Overview Consolidation - Positive Bias
Technical Overview Conformist Strategies Sell 1st Resistance After Reversal, Buy 1st Support At/Before Price
Technical Overview Contrarian Strategies Buy 1st Resistance Upon Breakout From Below, Sell 1st Support Upon Breakout From Above
S/L for 2nd Resistance 1.1218
2nd Resistance 1.1200
S/L for 1st Resistance 1.1182
1st Resistance 1.1164
Relative Starting Point 1.1128
1st Support 1.1092
S/L for 1st Support 1.1074
2nd Support 1.1056
S/L for 2nd Support 1.1038

IG client and CoT sentiment for EUR/USD

Retail traders aren’t complaining on the recent price drop, giving a chance for fresh shorts initiated at 1.1170s a chance to take profit and pushing majority short bias 6% 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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