EUR/USD: Another day of gains, services PMIs next
Retail short bias drops, technicals remain bullish ahead of key fundamental events.
EUR/USD Technical analysis, overview, strategies, and levels
A sixth consecutive day of gains for the euro which although didn't outperform against commodity and risk-related currencies, managed to best the greenback. That took EUR/USD's price above yesterday's 1st Resistance level which eventually broke to aid conformist breakout strategies and keep its bull trend technical overview intact on the daily. And while we get a string of services PMIs (Purchasing Managers Index) out of the Eurozone and the US today, big fundamental items are in store for this pair with the much-awaited ECB (European Central Bank) tomorrow, and NFP (Non-Farm Payrolls) out of the US the day after. ADP's non-farm estimate will be released later today, expected to show a 9m drop.
IG client* and CoT sentiment for EUR/USD
Retail bias while still majority short has dropped from recent heavy short territory, standing at 61% as of this morning.
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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