Short-Term EUR Remains Constructive as German Sentiment Improves
WikiFX
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2020/9/16 7:24:09
WikiFX News (16 Sept.) - On Tuesday, the data of German sentiment for September was released, which shows the country is still pushing ahead with the economy. The economic sentiment of the Euro area also beats expectations in the month, injecting strength to the recent upside in EUR/USD.
The recent growth in EUR/USD has prompted the pair to bounce off the 50-DMA and open the Tuesday session above 20-DMA, strengthening bullish sentiment for the pair. In the short term, a few highs are blocking the way to 1.2000, with the first resistance lying in last week's 1.1920.
Given that the US interest rates may stay lower for longer while ignoring all growth however inflation overshoots the target, the greenback may edge lower, sending further upside to EUR/USD.
According to IG Client Sentiment, investors' net-long positions are 5.73% lower than yesterday while their net-short positions are 11.58% higher than yesterday. EUR/USD is expected to gain more considering the investors are net-short.
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Chart: Trend of EUR/USD
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