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FxWirePro: Euro at key support against USD; sentiment points to bearish bias

Euro is currently trading at a key rising trend-line support - a break of which could lead the single currency to as low as 1.12 against the USD.

See the daily closing chart for greater clarity.

The sentiment reports from IG Markets, which is a UK-based company providing trading in financial derivatives such as contracts for difference and financial spread betting, strongly suggest that retail traders remain broadly long on euro against the USD.

IG markets’ retail positions data provide a glimpse to retail traders’ positions, which are largely used a contrarian indicator since retail positioning moves in opposite direction to market movements.

Latest numbers suggest that as of today, 65 percent of the retail positions are on the long side, while 35 percent are short on the euro against the USD, which points to the fact that traders remain broadly biased over long euro trade, which suggests that price might actually break the support.

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March 26 04:00 UTC Released

THManufacturing Prod YY

Actual

-1.6 %

Forecast

0.52 %

Previous

0.18 %

March 25 21:45 UTC Released

NZTrade Balance YY

Actual

-6.62 Bln NZ

Forecast

Previous

-6.36 Bln NZ

January 31 00:00 UTC 603616603616m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 603616603616m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 615436615436m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 603616603616m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 615436615436m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 603616603616m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 603616603616m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 603616603616m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

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