EUR/USD: Oscillation with a touch of positive bias
Short-term technicals are showing more positive bias, retail sentiment little changed for the week.
EUR/USD Technical analysis, overview, strategies, and levels
A fourth consecutive week of relative oscillations for EUR/USD's price, opting to stay within its weekly pivot points and offering only a few fading opportunities at best last week. Most of its main long-term technical indicators are flashing green, but combined with a non-trending ADX (Average Directional Movement Index) on the weekly, its price closing above its 100-week moving average. Services PMIs (Purchasing Managers Index) out of the Eurozone last Friday were better than expected, and of significant attention was the German parliament's backing of the ECB's (European Central Bank) bond-purchasing program. This week's economic data is mostly low-impacting with German factory orders, retail data, and Sentix's inventor confidence today. Out of the US, we'll get ISM's non-manufacturing PMI expected to exit contraction following two consecutive sub-50 readings.
IG client* and CoT sentiment for EUR/USD
In sentiment, retail bias is little changed on the lack of price movement, though more consolidatory moves may entice further range-trading and expose traders to an eventual trend move.
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.
Be sure to request IG’s Weekly & Daily Market Report when you open an account with IG Dubai and get access to the full information on the FX majors, commodities, indices, and Bitcoin.
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.
See an opportunity to trade?
Go long or short on more than 17,000+ markets with IG.
Trade CFDs on our award-winning platform, with low spreads on indices, shares, commodities and more.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
