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: Fed Chair Powell’s testimony today

Eurozone preliminary CPI figures also on offer.

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

Better than expected US data in the form of surging pending home sales prevented the euro from enjoying a higher close to yesterday's session even if it outperformed against most of the FX majors, with both Germany and France pushing for the backing of the bloc's €750bn coronavirus bailout, a positive factor that'll still need to overcome the 'frugal four'. And today we've got economic data out of the Eurozone that'll include preliminary CPI (Consumer Price Index) figures expected to show slight contraction overall but ongoing growth at its core (which excludes energy prices). Thereafter attention will shift to what's on offer out of the US, including testimony from the Federal Reserve's (Fed) Chair Powell, CB's consumer confidence figure, and ISM-Chicago's PMI (Purchasing Managers Index). The technical overview remains consolidatory, but in the short-term enjoying more positive technical bias.

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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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