© Dukascopy Bank SA
- Westpac Banking (based on Bloomberg)
Pair's Outlook
EUR/USD continues to consolidate following a sharp decline—right now it is testing the monthly S1 level from below. If the Euro disregards this resistance, then the price will be expected to return back to the up-trend line at 1.3645/10, which is also strengthened by the 55 and 100-day SMAs. Nevertheless, this will not invalidate the long-term bearish outlook.
Traders' Sentiment
Whereas the shares of long and short positions stay virtually unchanged—42.5% and 57.5% respectively, the percentage of buy orders placed on EUR/USD within 100 pips from the spot fell from 68% down to 40% compared to the yesterday's figure, meaning the market is not willing to buy on dips any more.
© Dukascopy Bank SA