EUR/USD TALKING POINTS
- Optimistic EU client sentiment knowledge opens units the scene forward of the ECB President’s speech.
- Euro bid post-announcement.
EURO FUNDAMENTAL BACKDROP
The euro garnered some favor this morning after financial and industrial knowledge exceeded estimates (see calendar under). This might reiterate the hawkish rhetoric seen yesterday by way of a number of ECB officers together with President Christine Lagarde. Though the headline client confidence determine slipped to file lows, the print was in keeping with expectations which shifted focus to the aforementioned financial and industrial metrics. Focus now shifts to central financial institution heads talking later this afternoon on the ECB’s Sintra discussion board.
EUR/USD ECONOMIC CALENDAR
Supply: DailyFX economic calendar
EUR/USD DAILY CHART
Chart ready by Warren Venketas, IG
Preliminary reactions have been optimistic giving euro a elevate after yesterdays sturdy greenback rally pushing above the 1.05 assist zone.
- Trendline resistance (black)
- 50-day EMA (blue)/1.0601
- 20-day EMA (purple)
IG CLIENT SENTIMENT DATA: MIXED
IGCS exhibits retail merchants are presently LONG on EUR/USD, with 63% of merchants presently holding lengthy positions (as of this writing). At DailyFX we sometimes take a contrarian view to crowd sentiment nonetheless as a result of latest modifications in lengthy and brief positioning we arrive at a short-term cautious disposition.
Contact and comply with Warren on Twitter: @WVenketas