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: Consolidatory moves before big events

Tomorrow is the Fed’s announcement and the day after’s the ECB.

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

Whatever price gains EUR/USD enjoyed yesterday were largely undone as both the US dollar and the euro relatively underperformed against most of the remaining FX majors. More talk (and in some cases, action) of reopening and setting dates for resumption of production has been the theme as of late. But when it comes to this pair's price, the dual central bank announcements tomorrow and the day after may play a larger role with the US Federal Reserve tomorrow and the European Central Bank (ECB) the day after. The daily technical overview may be consolidatory after weeks of relatively little intraday movement, but expect pivot points to weaken significantly during both events. As for today's economic calendar, it's light for the Eurozone but heavier for the US with CB's consumer confidence expected to drop, and a few other low-impacting items.

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IG client* and CoT sentiment for EUR/USD

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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