EUR/USD: CoT bias moves closer to the middle
US-France truce news seen as positive ahead of ZEW figures released later today.
EUR/USD Technical analysis, overview, strategies, and levels
With the euro's performance dented last week against another week of relative US dollar strength, the focus shifts this week towards this Thursday's much-awaited ECB (European Central Bank) monetary policy announcement. Prior to that the only significant item on the economic calendar are economic sentiment figures out of ZEW, which last time around enjoyed significant improvement that took the numbers out of contraction. There was also positive news that the US and France will give negotiations a chance until the end of this year.
IG client and CoT sentiment for EUR/USD
As for the latest figures from the CoT (Commitment of Traders) report regarding larger speculative traders, majority short bias has dropped in the euro and is pushing towards the middle with a drop in euro short positions by 14,414 lots compared to a smaller drop in long positions by only 932 lots.
EUR/USD Chart with retail and institutional sentiment
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