© Dukascopy Bank SA
- Barclays (based on Reuters)
Pair's Outlook
Yesterday the technically bearish outlook on EUR/USD turned to be irrelevant due to the changes in the fundamental context of the market. The rising resistance line at 1.3765/61 was supposed to trigger a sell-off, but instead exposed the major down-trend which is likely to be tested in the nearest future. The resistance at 1.3862/50 is now expected to secure the validity of the long-term negative bias towards the currency pair.
Traders' Sentiment
Specifically in EUR/USD the distribution between the long and short positions is largely unchanged—the majority, namely 62%, of traders still expect the Euro to underperform relative to the U.S. Dollar. Meanwhile, the overall popularity of the common currency in the SWFX market is declining.
© Dukascopy Bank SA