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- J.P.Morgan Chase (based on Wall Street Journal)
Pair's Outlook
It seems that the Euro/Dollar cross resumed its long-term downward trend, since it declined further yesterday and surpassed the major level at 1.26. Moreover, the weekly S1 at 1.2579 appeared to be a rather weak support line and the pair closed below it. The next considerable demand area is located at 1.25 (2014 low) and bulls will use this opportunity to reverse the pair, as they did it on October 6. Daily technical indicators, however, still give mixed outlook for the Euro and weekly ones point to the south.
Traders' Sentiment
Even though the market sentiment became more bullish during past 24 hours (57% of all positions are long), pending orders both in 50 and 100-pip ranges deteriorated to the levels seen five days ago.
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