EUR/USD: US NFP fails to impress, but the euro ended the week lower against the dollar
Employment change figure out of the US below expectations, but still didn’t prevent the greenback from outperforming.
EUR/USD Technical analysis, overview, strategies, and levels
Last week's focus (and volatility) was primarily geopolitical and risk-based, and hence the euro's performance when compared to the remaining FX majors was mostly in the middle, and failing to outperform against the US dollar which topped the performance charts for the week. The net result for EUR/USD's price was a move lower but staying within last week’s main Weekly pivot points, and keeping its bear trend channel on the weekly roughly intact as the weekly outlook shows conflicting technical indicators the net result of which is a consolidatory technical overview.
IG client and CoT sentiment for EUR/USD
As for sentiment, retail bias started off last week majority short at 56% before shifting to majority long at 59% as fresh shorts got out. As for the CFTC's latest CoT (Commitment of Traders) report, the bias remains in majority short territory dropping a notch to 58% on a greater reduction in short positions by 16,720 lots than long positions by 4,039 lots.
EUR/USD Chart with retail and institutional sentiment
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