EUR/USD: Failing to shake off negative technical bias
US ISM exits contraction, EZ PMIs remain mostly below 50.
EUR/USD Technical analysis, overview, strategies, and levels
Manufacturing PMIs (Purchasing Managers Index) out of the Eurozone yesterday showed ongoing contraction for most, and where the results veered little from estimates of mostly sub-50 readings. Out of the US, ISM (Institute for Supply Management) managed to post a healthier figure after five consecutive months of contraction. There's little data to go on today, with US factory orders in the evening. From a technical standpoint, EUR/USD's movement has been relatively rangebound on the daily chart, but crossed back below the 100-day moving average yesterday as it fails to shake off negative technical bias.
IG client* and CoT sentiment for EUR/USD
Retail long positions were heavy beneficiaries of Friday's surge with longs unwinding positions, but with yesterday's retracement they haven’t budged in terms of bias, holding at a majority long 58%.
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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