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- Peter Praet, ECB Executive Board member (based on Bloomberg)
Pair's Outlook
The closest support represented by this year's July low at 1.0808 managed to cap a sell-off for the second consecutive day on Friday. It provided the bulls with some fresh upward momentum that pushed EUR/USD in the direction of the 38.2% Fibonacci retracement of an Oct-Nov downtrend at 1.0893. This level is guarding the monthly R1 and weekly PP around 1.09. A success here will require an additional surge above 55-day SMA (1.0939) to expose both 200/100-day SMAs around 1.1050. Meantime, daily indicators are now strongly bullish on EUR/USD.
Traders' Sentiment
The bulls are still holding 46% of all trades, which puts the bears at 54% today. Meantime, bullish pending orders changed within the margin of error, by growing from 27% to 32% in 100-pip range.
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