EUR/USD: Euro outperforms for a change, but fails to shake off its negative technical bias
Gains fail to move retail long bias, as bulk of longs initiated above current market price.
EUR/USD Technical analysis, overview, strategies, and levels
There was little on offer out of the Eurozone in terms of economic calendar data, and that meant focus was on the evening's US FOMC minutes which showed optimism surrounding the central bank’s ability to keep monetary policy on hold this year despite new risks, even as money markets majority price in a rate cut later this year. With Fed minutes out of the way, it's time for the ECB (European Central Bank) to release its minutes, though there's been no surprise regarding the central bank's emphasis on fiscal policy in a bloc where limits on deficit and debt to GDP (Gross Domestic Product) may hinder its countries' ability to introduce fiscal stimulus the likes of which are being seen elsewhere. There will also be low-impacting items including German GfK's reading, and PPI (Producer Price Index). From a technical standpoint, yesterday's moves while moving against its technical overview has failed to shift it as all its main technical indicators continue to flash red, and where the 50-day moving average crossed below the 100-day MA.
IG client* and CoT sentiment for EUR/USD
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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