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The EUR/USD currency pair finds itself at a critical juncture as it tests a prior level of resistance just shy of 1.0800. That said, in an encouraging turn of events, the pair has managed to reach a fresh two-week high, signaling potential bullish momentum.
However, the market is likely to remain ensnared in a tight range until the US Consumer Price Index (CPI) is unveiled, unless we witness a significant deviation that could jolt us before the Federal Open Market Committee (FOMC) delivers its much-anticipated decision on Wednesday.
source: tradingeconomics.com
Retail trader data reveals some intriguing insights. Presently, a whopping 59.86% of traders are net-long, resulting in a long-to-short ratio of 1.49 to 1. It seems like the scales are tipped in favor of the bulls. Comparing the figures to yesterday, there is a 6.98% surge in net-long traders, which is undeniably a step in the bullish direction.
However, when the scope is widened to last week, the number of net-long traders still stands at 8.88% lower, perhaps suggesting some lingering apprehension.
On the flip side, the number of net-short traders has decreased by 2.14% from yesterday, but they remain stubbornly 6.55% higher than last week. It’s a tug of war, and both sides are putting up a fight.
EUR/USD Sentient: Federal Reserve and European Central Bank Set to Announce Monetary Policy Decisions
The next couple of days are primed to be defining moments in the realm of monetary policy. Traders will be on the edge of their seats as both the Federal Reserve (Fed) and the European Central Bank (ECB) prepare to make their grand announcements.
The market has already priced in the expected outcome, with the Fed widely anticipated to pump the brakes on its fourteen-month hiking cycle, while the ECB is readying to execute a well-telegraphed 25 basis point rate hike. However, the real game-changer for the EUR/USD pair lies in the commentary delivered by these central banks post-decision.
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