© Dukascopy Bank SA
- DailyFX (based on Reuters)
Pair's Outlook
EUR/USD is currently in the vicinity of the strong resistance area consisting of the Feb high, monthly R1 and the up-trend line, which is not supposed to let the currency pair to climb higher. Therefore the price is expected to decline from here, but for now it remains buoyant, even though the path of the least resistance leads towards the weekly pivot point.
Traders' Sentiment
The share of bearish SWFX market participants continues to decline. Now the amount of short positions constitutes 61% (62% yesterday) of the market. Concerning the orders, 53% of them are to purchase the European currency and 47% are to sell it against the U.S. Dollar.
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