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- Credit Agricole SA (based on Bloomberg)
Pair's Outlook
EUR/USD decided to go further and trade upwards during yesterday's trading session. The pair has finally overcome a difficult resistance at 1.0942 (monthly S2) and neared the round level of 1.10. However, it is likely that bulls will soon be stopped and the Euro may resume falling, as soon as EUR/USD touches the 1.1070 mark. This area is strengthened not only by monthly S1 and weekly R1, but also by a medium-term downward trend line of December-March bearish move.
Traders' Sentiment
Bullish opened positions at the SWFX market are accounting for 42% this morning, down two percentage points from Wednesday. During last four days, longs have accumulated a total loss of 6%.
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