EUR/USD: EU meeting and preliminary PMIs
Out of the US, unemployment claims will be of crucial importance.
EUR/USD Technical analysis, overview, strategies, and levels
It was another relatively rangebound session for EUR/USD's price, once again failing to offer pivot point action and enticing more range-trading at risk of getting caught out in a trend move with fundamental items on the economic calendar today. Preliminary manufacturing and services PMIs (Purchasing Managers Index) expected to show ongoing heavy contraction and an EU meeting later today on the bloc's fiscal response are the more important items, with attention towards the US session shifting to the infamous unemployment claims. In central bank news, the ECB (European Central Bank) will accept junk bonds as collateral for banks to finance themselves. Expect pivot points to get easily tested depending on the results of these significant items, and where contrarian strategies can't be ruled out should volatility spike.
IG client* and CoT sentiment for EUR/USD
Going into today's event retail bias is back in majority long territory having shifted from the middle.
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.
Be sure to request IG’s Weekly & Daily Market Report when you open an account with IG Dubai and get access to the full information on the FX majors, commodities, indices, and Bitcoin.
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.
See an opportunity to trade?
Go long or short on more than 17,000 markets with IG.
Trade CFDs on our award-winning platform, with low spreads on indices, shares, commodities and more.
Live prices on most popular markets