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"The euro remains top heavy. We are in a market where investors are forced to sell once (the euro) bounces back.
- Bank of Tokyo-Mitsubishi UFJ (based on MarketWatch)
Pair's Outlook
On Tuesday, the EUR/USD currency pair deteriorated even more considerably, as they pair has finally managed to cross the demand area around 1.1930 (monthly and weekly S1). As a result of this action, the Euro plummeted below the major level of 1.19 and is currently testing strength of the 2010 low. This line is reinforced by the weekly S2 at 1.1853; therefore, the pause here is possible. In case of successful attempt to cross this support, the next obstacle is located only at 1.1781 (monthly S2).
Traders' Sentiment
Long opened positions to buy the EUR/USD pair improved further, as positive sentiment on the EUR/USD currency pair reached its highest level in 46 trading days at 57%.
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