EUR/USD: Better than expected Eurozone data fails to lift the euro significantly
But expect volatility to rise with both the Fed and ECB announcements over the next two days.
EUR/USD Technical analysis, overview, strategies, and levels
Economic data out of the Eurozone was light yesterday but better than expected, with Germany's trade surplus expanding and Sentix's investor confidence reading for the bloc out of negative territory for the first time since May. We'll be getting more data today in the form of ZEW sentiment figures for the Eurozone and its manufacturing powerhouse, Germany, though risk-taking overall is expected to be light ahead of the dual central bank announcements of the US Federal Reserve on Wednesday and the European Central Bank's on Thursday. Market movement for EUR/USD’s price has been relatively range-bound and in line with its current consolidatory technical overview, failing to close above its 100-day moving average yesterday.
IG client and CoT sentiment for EUR/USD
In sentiment, retail bias has shifted again from a slight majority long 51% to a slight majority short 52% as of today morning, with further price gains required to entice longs into closing out and pushing majority short bias closer to that of institutional trader bias standing at 59%.
EUR/USD Chart with retail and institutional sentiment
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