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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: Positive technical bias builds thanks to USD plummet

Majority short retail bias surges as pair’s price approaches short-term resistance level.

USD Source: Bloomberg

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

With the US dollar suffering yesterday and underperforming against the remaining FX majors, EUR/USD's price has been gaining more positive technical bias with its price crossing and closing above its 100-day moving average, and not far off its 200-day MA which coincides with a short-term resistance level. Yesterday's ECB (European Central Bank) Financial Stability Review showed financial vulnerabilities rising and debt sustainability a bigger factor given total eurozone government debt levels could cross 100% of GDP (Gross Domestic Product) this year. The European Commission is expected to release details of its rescue fund today, and the ECB's Lagarde will be speaking.

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EURUSD TA Source: IG charts

IG client* and CoT sentiment for EUR/USD

In sentiment, retail short bias has surged to 64%, while last Friday's CoT (Commitment of Traders) report showed long bias in the euro dropping a notch on a reduction in euro longs by 4,224 lots and a rise in shorts by 1,354.

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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