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: Both retail and CoT bias shifts to majority long

USD outperformance entices shorts into closing out, institutional bias in long territory for the first time since 2018.

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

Although the euro didn't underperform compared to commodity and high-beta currencies, it was in for serious retreat against the US dollar last week, taking EUR/USD's price to fresh lows and aiding breakouts of key pivot points in line with its volatile technical overview. Data out of the Eurozone was a disappointment with preliminary IFO figures out of Germany showing their worst reading since 2009, and US data mostly failed to impress. Low-impacting data today will hold less relevance in the face of tomorrow's string of preliminary manufacturing and services PMIs.

Learn more about forex and forex trading.

IG client* and CoT sentiment for EUR/USD

In sentiment, retail bias has shifted from a previous majority short 55% to a majority long 62%. That's also the case for larger speculative traders according to the latest CoT (Commitment of Traders) report, with a reduction in euro shorts by 51,849 lots outdoing a smaller reduction in longs by 6,687 lots, and shifting sentiment to majority long for the first time since September of 2019.

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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