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- JPMorgan Chase (based on Bloomberg)
Pair's Outlook
Ignoring fundamentals from both Euro area and US, the most traded FX cross decided to have some rest for one more day on Tuesday. Even despite relatively high trading volume, EUR/USD's movements are muted and we observe little changes around 1.0650. Nearest supply and demand is created by 1.0674 (weekly PP) and 1.0586 (weekly S1). Closure below the support line will expose the April low at 1.0519, which remains the mid-term target for the bears.
Traders' Sentiment
Bears of the SWFX market have gained a minimal majority of open positions in the past 24 hours, namely 51% of them. Separately, only 39% (35% yesterday) of pending orders are set to acquire the 19-nation currency in 100-pip range from the spot price at the moment of writing.
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