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- Benoit Coeure, ECB Executive Board member (based on Reuters)
Pair's Outlook
As the most traded currency pair has been largely unchanged in value so far this week, we see the volume of trading declining as well. Yesterday it dropped to the lowest level in six days. Main resistance is still represented by the monthly S1 at 1.0768, followed by Jul low at 1.0808. Bears are focusing on April low at 1.0519, but movement in that direction should be possible in the medium term only. Among technical indicators, the RSI indicator suggests EUR/USD is not oversold anymore on a daily basis.
Traders' Sentiment
SWFX bullish share is unchanged at 52% on Thursday morning. Alongside, the percentage of long pending orders in 100-pip range from the spot price increased to 48%, up from 43% yesterday.
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