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- Westpac Banking Corp. (based on Bloomberg)
Pair's Outlook
Yesterday markets were driven by the decision of the Fed to project a possible a rate hike in December. EUR/USD was therefore provided with substantial bearish momentum and it tumbled towards the 1.09 mark, losing 150 pips in the past 24 hours. Strongest demand is still ahead of the spot price. Bears are aiming at the weekly S1/monthly S2 at 1.0879/68, but another support is offered by May/July lows at 1.0819/08. These levels can be tested, in case US GDP growth exceeds estimates on Thursday. Otherwise, a rebound back to 1.1020 is likely on the back of disappointing numbers.
Traders' Sentiment
SWFX sentiment is 52% bullish on Wednesday, while 60% of pending orders in 100-pip range from the spot are still set to sell the Euro.
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