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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: Preliminary PMIs up next

Retail short bias surges into heavy short territory on the latest price gains.

EURUSD Source: Bloomberg

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

Of the little data on offer yesterday out of the Eurozone, final CPI (Consumer Price Index) figures were a notch below expectations at 0.3% with core (which excludes energy) month-on-month a notch lower at 0.7%. Out of the US, US Federal Reserve (Fed) minutes showed policymakers reaffirming to keep rates near zero until the economy is back in recovery mode. With the US dollar in retreat, the euro didn't need to outperform by much in the FX market to take EUR/USD's price to a higher finish for its fourth straight trading session, aiding conformist reversals off of yesterday's 1st Resistance level before making another run towards it this morning. Its price has now crossed and closed above its 100-day moving average, and the last of its main MA's is the 200-day roughly coinciding with a short-term resistance level as more positive technical bias builds.

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EURUSD TA Source: IG charts

IG client* and CoT sentiment for EUR/USD

Retail sentiment has jumped into heavy short territory.

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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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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