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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

EUR/USD: Euro takes a breather

Technical overview remains volatile ahead of tomorrow’s NFP.

EURUSD Source: Bloomberg

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

Following the aftershock from Tuesday's surprise US Federal Reserve (Fed) 0.5% rate cut decision, market movement witnessed an undoing of Tuesday's gains with EUR/USD’s price dropping as the euro underperformed. Markets are majority pricing in a rate cut out of ECB next week. Of the data available, services PMIs (Purchasing Managers Index) out of the Eurozone were slightly below expectations but posting above 50 figures, while out of the US, ISM's closely watched estimate came in at a much healthier 57.3. A dearth of Eurozone data today and relatively low-impacting data out of the US later on will mean risk and USD-related flows will be a more crucial aspect for financial markets ahead of tomorrow's fundamental Non-Farm Payrolls (NFP) event.

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EURUSD TA Source: IG charts

IG client* and CoT sentiment for EUR/USD

Ahead of the event both retail and CoT (Commitment of Traders) speculators are holding a majority short bias.

EURUSD sentiment Source: IG charts

EUR/USD Chart with retail and institutional sentiment

EURUSD chart Source: IG charts

*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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