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: ECB launches €750bn bond-buying program

US dollar heavily outperforms again.

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

Yesterday's 1st and 2nd Support levels were breached yesterday as the US dollar surged higher to best the remaining FX majors, and in turn aided conformist breakout strategies in line with EUR/USD’s current volatile technical overview. There were plenty of central bank announcements, including the ECB launching a €750bn bond-buying program that’ll cover both sovereign and corporate debt through its Pandemic Emergency Purchase Programme, and the US Fed announcing a plan for money market mutual funds. Economic data out of the Eurozone has been largely irrelevant in the face of the coronavirus, with figures set to worsen in the near future as the bloc heads for a big recession (if not worse).

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IG client* and CoT sentiment for EUR/USD

In sentiment, retail traders haven’t reduced their short bias, but instead have increased it as range-trading strategies get squeezed and force a shift to momentum-based strategies.

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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This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
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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