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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

EUR/USD: CoT sell bias rises to a majority short 61%

Pair’s price manages to retrace off the lows, but technical bias remains negative.

EUR Source: Bloomberg

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

EUR/USD’s price suffered further downside movement intraweek, with Friday’s retracement aiding the pair in finishing the week in the green. What it hasn’t been able to do thus far is shake off its negative technical bias whereby its weekly overview is consolidatory but showing heavy negative technical bias with nearly all its main technical indicators flashing red, and the daily’s bear trend stalling at the lows. In central bank news, last Thursday's minutes showed ECB policymakers remained cautious but optimistic, and where expectations are for monetary policy to remain unchanged at their next meeting in March. Preliminary manufacturing figures on Friday were worse than expected for its core countries' Germany and France, though services expanded and were better than expected.

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EURUSD TA Source: IG charts

IG client* and CoT sentiment for EUR/USD

In sentiment, larger speculative traders according to the latest CoT (Commitment of Traders) report have upped their majority short bias to 61% on an increase in euro short positions by 6,949 lots outdoing a smaller increase in long positions by only 1,111 lots.

EURUSD sentiment Source: IG charts

EUR/USD Chart with retail and institutional sentiment

EURUSD chart Source: IG charts

*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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