EUR/USD: Euro outperforms again but not by much
Retail longs continue to unwind, Europe scrambles to contain virus.
EUR/USD Technical analysis, overview, strategies, and levels
With attention on risk-related flows, the difference between the euro and dollar's performance in the FX market was little changed, and the move towards EUR/USD’s 1st Resistance level was in for partial retracement. Of what little data was on offer out of the Eurozone, final GDP (Gross Domestic Product) for Germany showed no change after a tested quarter. As for the US, CB's consumer confidence figure improved slightly but was below expectations, and Richmond's manufacturing index showed a surprise contraction. More data will be released today out of the US, the bulk of it low-impacting ahead of tomorrow's preliminary GDP figures, but of more importance will be how Europe will cope if borders get shut.
IG client* and CoT sentiment for EUR/USD
Retail traders continues to hold a long bias, with the bias dropping 4% as longs initiated on the move from 1.10 to 1.07 get enticed into closing out as its price retraces back up.
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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