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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: Fed Chief Powell speaking today

Attention has been primarily on US data and Fed speak, a theme expected to continue today.

J.Powell Source: Bloomberg

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

It was a busier day on the US front yesterday, with CPI (Consumer Price Index) figures showing contraction, a record budget deficit as US Federal Reserve (Fed) officials and politicians called for more stimulus, and talk of negative rates with the US President pushing the central bank to adopt it. And despite the rise in EUR/USD's price, it retraced off of yesterday's 1st Resistance level to aid conformist sell-on-reversal strategies. A lack of significant Eurozone data once again means the focus may remain on the US, with Fed Chair Powell speaking later today and preceded by PPI (Producer Price Index) figures expected to show contraction.

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EURUSD TA Source: IG charts

IG client* and CoT sentiment for EUR/USD

With retail (and CoT) traders holding a majority long bias, the upside movement in the pair's price was a welcoming sight, and majority long bias has dropped to 58% for the former.

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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