EUR/USD: Euro outperforms again, long bias drops
Both euro and dollar outperform against the FX majors, retail long bias drops.
EUR/USD Technical analysis, overview, strategies, and levels
EUR/USD's price was in for another slightly increase given the euro bested the US dollar, which in turn outperformed compared to the remaining FX majors. Its current stalling bear trend technical overview did offer a conformist sell-on-reversal given gains were limited, making another run higher since. There wasn't any data to go on out of the Eurozone, though as of late the moves remain risk-related and in turn causing little effect when it comes to this pair's price, with government bond yields in both the US and Eurozone at fresh lows. While there are a few items out of the EU today including money supply and private loans data, US data will be of greater importance with the release of durables and its preliminary GDP (Gross Domestic Product) Q4 figure expected to show 2.1% growth.
IG client* and CoT sentiment for EUR/USD
In sentiment, retail long bias has dropped further as longs get enticed into closing out while shorts initiate.
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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