EUR/USD: US data today, recovery fund debate tomorrow
Retail traders continue to hold a heavy short bias in EUR/USD.
EUR/USD Technical analysis, overview, strategies, and levels
The euro underperformed yesterday, but against the greenback it wasn't by much with a conformist strategy of a buy-on-reversal on offer. In fundamental news, the Federal Reserve's (Fed) Powell signaled in day two of his testimony that the US central bank was ready to do more if necessary, warning that economic gains would be at risk should stimulus measures stop. There was little out of the Eurozone in terms of data, and that's set to remain the case today, with a European Council meeting on debating the coronavirus recovery fund tomorrow. Unemployment claims and manufacturing data will be released out of the US.
IG client* and CoT sentiment for EUR/USD
In sentiment, retail bias has risen a notch to a heavy short 67%, as more expect EUR/USD's current stalling bull trend technical overview to be undone to unwind the bulk of those shorts initiated at lower price levels.
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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