© Dukascopy Bank SA
- Credit Agricole (based on Reuters)
Pair's Outlook
The currency pair remains completely motionless, even though the daily and especially monthly technical indicators imply elevated volatility in the exchange rate. For EUR/USD to return to being active it has to breach either the monthly S1 at 1.3725, which should lead to a test of the up-trend at 1.3769/61, or the 200-day SMA at 1.3688, which may result in a dip down to 1.36. Right now the latter scenario is deemed to be more likely to transpire than the former.
Traders' Sentiment
The sentiment towards EUR/USD remains stable and neutral, as 46% of positions are long and 54% of them are short, just as yesterday. Concerning the orders placed, the majority of them, namely 60%, are to sell the Euro against the U.S. Dollar.
© Dukascopy Bank SA