EUR/USD: Euro underperforms as bearish technical bias rises
Retail bias now in extreme long territory as longs hold on.
EUR/USD Technical analysis, overview, strategies, and levels
Day two of US Federal Reserve (Fed) Chairman Powell's testimony offered little in terms of the central bank chief's views regarding the US economy, reiterating his positive stance for the US economy and saying that there's no reason for the current situation in the employment market to continue. As for Eurozone data, it didn't impress with a 2.1% contraction in industrial production – its worst reading since 2012. As for EUR/USD's price, it was another price drop befitting its current bear trend technical overview that has usually offered little follow through intraday, and where its ADX (Average Directional Index) is on the verge of showing a propensity to trend. While there's significant economic data on the calendar tomorrow for the bloc in the form of preliminary GDP (Gross Domestic Figures) as well as for its manufacturing powerhouse Germany, the USD aspect of this pair has US CPI (Consumer Price Index) figures to contend with expected to show a 0.2% increase.
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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