EUR/USD: Six consecutive losses tilt its overview ahead of central bank speak
ECB’s Lagarde speaking and the Fed’s Powell testifying set to affect both aspects of this pair.
EUR/USD Technical analysis, overview, strategies, and levels
There was little on the economic calendar yesterday, which showed Sentix's investor confidence figure dropping and slightly below expectations. But today is set for central bank speak, starting with a speech by the ECB's (European Central Bank) Lagarde, and the US Federal Reserve (Fed) Chair Powell testifying which is likely to influence where the US dollar will settle. His testimony will continue into tomorrow as well. Any fundamental move will make technicals less relevant, though as it stands EUR/USD's technical overview on the daily is a stalling bear trend following six consecutive days of losses, and where clear negative technical bias has been forming, combined with a non-trending ADX (Average Directional Index), and where contrarian strategies can’t be ruled out should dual central bank speak result in a fundamental move.
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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