EUR/USD: ZEW figures and US CPI
Data relatively low-impacting ahead of more fundamental items later this week.
EUR/USD Technical analysis, overview, strategies, and levels
EUR/USD's price has been showing signs of an initializing bull trend especially in the short-term with a trending ADX (Average Directional Movement Index) and its price above all its main moving averages that could entice contrarian breakouts off of its 1st Resistance level over conformist reversals, even as its price partially retraced off of the highs yesterday. However, we've got significant fundamental items out of the Eurozone later in the week that'll make technicals less relevant, with today's ZEW economic sentiment figures usually less impacting. Out of the US, while general risk appetite will be focused on earnings and economic lockdown restrictions being reimposed, economic data includes CPI (Consumer Price Index) figures expected to show expansion.
IG client* and CoT sentiment for EUR/USD
Retail longs are getting enticed into getting out at the short-term resistance level, with majority short bias rising to heavy short levels at 67% from 61% yesterday.
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.
Be sure to request IG’s Weekly & Daily Market Report when you open an account with IG Dubai and get access to the full information on the FX majors, commodities, indices, and Bitcoin.
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.
See an opportunity to trade?
Go long or short on more than 17,000 markets with IG.
Trade CFDs on our award-winning platform, with low spreads on indices, shares, commodities and more.
Live prices on most popular markets