EUR/USD: Retail long bias rises as pair’s price drops for third consecutive session
European currencies in retreat with the euro’s negative technical bias showing little sign of slowing down.
EUR/USD Technical analysis, overview, strategies, and levels
Services PMIs (Purchasing Managers Index) out of the Eurozone were a mixed bag yesterday with some countries missing expectations, others better than expected, but all expanding and resulting in a 52.5 for the bloc. And while the euro was in retreat early on in the day, it picked up towards the US session following better than expected data out of the US with ADP's (Automatic Data Processing) estimate come in at a big 291K following last month's 202K reading that significantly differed from the Bureau of Labor Statistics' NFP (Non-Farm Employment) figure of 145K last time around. And while we have a few items on the calendar today with the ECB's (European Central Bank) Lagarde testifying and other low-impacting items, the focus will shift to tomorrow's NFP figure expected to show a 161K increase. Technicals will mean less as we approach the event, though as it stands, EUR/USD's overview is continuing to show heavier negative technical bias enticing contrarian breakouts over conformist reversals.
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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