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- IG Securities (based on MarketWatch)
Pair's Outlook
Since previous Friday, the EUR/USD pair has been hovering inside the narrow 50-pip range between two levels, namely 1.1550 and 1.16. Yesterday, even despite the euro's attempt to surge above the 2005 low/weekly PP, the common currency returned back to close just above the major level of 1.16. Therefore, it seems that the resistance is and will remain too strong for bulls to cross it in the foreseeable future, giving the pair a potential to slide down.
Traders' Sentiment
Even though the share of bullish positions it is still remaining on the negative side at 49%, registering no changes since Wednesday's morning. Meanwhile, long pending orders in 100-pip range from the spot dropped 6% from Wednesday to be just at 33% this morning.
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