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.
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