CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure. CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure.

EUR/USD: US unemployment claims the next item

Retail bias shifts from majority long to majority short.

EUR/USD Technical analysis, overview, strategies, and levels

With a risk off moment similar to the 'sell everything' moment witnessed last month, the US dollar was the outperformer in the FX market in the rush to liquidity, and in turn taking EUR/USD's price lower and back below its 50-day moving average, ending the session aiding conformist buy-on-reversal strategies only for prices to drop lower again this morning. There was little data out of the Eurozone, while US data showed retail contracting at a worse than expected 8.7% and Empire's manufacturing at a far worse than expected -78.2 reading. While there are final Eurozone CPI (Consumer Price Index) figures tomorrow, today's key focus will be on US unemployment claims expected to show another consecutive massive figure.

Learn more about forex and forex trading.

IG client* and CoT sentiment for EUR/USD

As for sentiment, retail bias has shifted from a previous slight majority long 54% to a now slight majority short 54% as of this morning.

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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This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

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