EUR/USD Slips as Investors Await US Housing Data
Updated
The EUR/USD pair failed to sustain Monday's gains, closing in negative territory on Tuesday. Currently, the pair is struggling to regain traction, trading around 1.0690 in the European session on Wednesday. The price appears to be rebounding from a demand area near the 78.6% Fibonacci retracement level of the previous swing lower. Additionally, a divergence on the H1 timeframe suggests a potential bullish impulse.
According to the COT report, institutional investors are increasingly shifting their funds to the USD side. This movement supports a potential bullish scenario in the short term, but we anticipate a bearish scenario to follow in the future.
With no significant macroeconomic data releases, investors are cautious about taking large positions. Later today, the US economic docket will feature New Home Sales data for May, but it is unlikely to significantly impact the market.
According to the COT report, institutional investors are increasingly shifting their funds to the USD side. This movement supports a potential bullish scenario in the short term, but we anticipate a bearish scenario to follow in the future.
With no significant macroeconomic data releases, investors are cautious about taking large positions. Later today, the US economic docket will feature New Home Sales data for May, but it is unlikely to significantly impact the market.
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