EUR/USD: US Non-Farm Payrolls in focus
Technicals set to get shelved on the fundamental and close-watched event.
EUR/USD Technical analysis, overview, strategies, and levels
Final manufacturing PMIs (Purchasing Managers Index) out of the Eurozone were mostly in line if not better than expected, with Germany's unemployment rate only slightly rising. And with US data mixed with ISM's manufacturing showing a surprise expansion but ADP's non-farm estimate showing less than expected growth and Federal Reserve (Fed) minutes considering reviving a Great Recession era promise to keep rates low until conditions are met, the euro managed to best the greenback for the session offering a conformist buy-on-fade again. However, conformist strategies may not outperform today given expectations of heightened volatility that may entice breakouts instead and make technicals less relevant, given we've got US Non-Farm Payrolls expected to show an ongoing increase following last month's controversial reading.
IG client* and CoT sentiment for EUR/USD
Going into today's fundamental event retail bias is majority short at 58%, with CoT (Commitment of Traders) speculators at a heavy long 73%.
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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