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- Kyosuke Suzuki, Societe Generale (based on CNBC)
Pair's Outlook
EUR/USD, as suggested by the near-term technical indicators, has finally broken 1.3350 to the downside, which allowed it to re-test the 2013 Q4 low at 1.33. Although this support is reinforced by the monthly S1 and the monthly studies lean to the bullish side, the bias will remain negative presumably until the 2013 September low at 1.31 is reached. But at the same time the resistance at 1.35 (major down-trend) must stay intact.
Traders' Sentiment
Some of the market participants start viewing the Euro as oversold and enter counter-trend positions—the share of the long positions increased from 54 to 57%. At the same time there is no difference between the amounts of buy (49%) and sell (51%) orders.
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