EUR/USD: Ongoing USD weakness takes its price to a slightly higher finish
Majority short retail bias ticks higher, but any price drop could entice profit-taking.
EUR/USD Technical analysis, overview, strategies, and levels
With the main holidays out of the way, attention shifts to the first string of economic data released today, in the form of manufacturing PMI (Purchasing Managers Index) figures for the Eurozone, and less impacting for the US with tomorrow's ISM estimate more closely watched. There will also be FOMC (Federal Open Market Committee) minutes released tomorrow following its decision in December to keep monetary policy on hold. The US dollar has been in relative retreat as of late, and although the euro didn’t outperform against the FX majors since Tuesday, EURUSD' price did register gains in a consolidatory fashion and in line with its current technical overview that’s showing significant positive technical bias and needing little to shift to an initializing bull trend.
IG client and CoT sentiment for EUR/USD
Retail bias is pushed further into bear territory, standing at a majority short 61% and slightly heavier than that of institutional bias at 59%.
EUR/USD Chart with retail and institutional sentiment
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