The Euro plunged the most since early October following US CPI data. In response, retail traders become more bullish EUR/USD. Is this a bearish signal for the exchange rate?
We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.Wall Street IG Client Sentiment: Our data shows traders are now net-short Wall Street for the first time since Sep 21, 2023 when Wall Street traded near 34,068.90.on Thursday after a higher-than-expected US CPI report boosted Treasury yields. That was the worst single-day drop since early October.
Focusing on the daily chart below, EUR/USD has turned lower following a rejection of the falling trendline from July. This has reinstated the broader downside focus following cautious gains since the beginning of this month. Now, immediate support is the March low of 1.0516. Below that is the 100% Fibonacci extension level of 1.0436.
Breaking lower opens the door to extending the broader downtrend, exposing the 123.6% Fibonacci extension level of 1.0315. On the other hand, a turn higher and push above the falling trendline would open the door to an increasingly bullish outlook. That exposes the 61.8% level of 1.0631.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.
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