EUR/USD: Preliminary PMIs impress
France posts surprise expansion, all beat expectations
EUR/USD Technical analysis, overview, strategies, and levels
Preliminary PMIs (Purchasing Managers Index) out of the Eurozone beat expectations across the board, with France managing to post above-50 expansionary figures. Out of the US, its flash manufacturing PMI was a big improvement on its previous reading and just shy of expansion. EUR/USD's price in turn broke above yesterday's 1st Resistance level before an eventual partial retracement, aiding reversal strategies that initiated only after the level had been breached on the way back down over fading strategies more prone to getting stopped out. Its technical overview is starting to show early signs of an initializing bull trend, which would aid contrarian buy breakouts should intraday momentum pick up. We've got Germany's IFO business climate sentiment figure today, but otherwise the economic calendar is relatively light until tomorrow’s ECB (European Central Bank) minutes and a string of US data.
IG client* and CoT sentiment for EUR/USD
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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