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- HSBC (based on Bloomberg)
Pair's Outlook
EUR/USD traded down on Thursday, after the 200-day SMA managed to create a formidable resistance for bullish traders at 1.1031. Yesterday's session resulted in a decline below 55-day SMA, currently at 1.0972. Now we are having a closer look at the 1.09 mark, which is guarded by monthly R1 and 38.2% Fibonacci retracement of an Oct-Nov downtrend. Positive US data later on Friday should result in the testing of this demand. On the other hand, US disappointment rules nothing out, including a spike at least above the 55-day SMA.
Traders' Sentiment
Bearish market share decreased further from 56% to 55% during the previous trading session. However, majority of pending orders are now set to sell the Euro against US Dollar in both 50/100-pip ranges.
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