© Dukascopy Bank SA
- Scotiabank (based on Exchange Rates)
Pair's Outlook
Eight consecutive days of neither bullish nor bearish advantage has only ended with emergence of a firm uptrend resistance line for the EUR/USD currency pair. It is now connecting the February high with local April peaks at 1.1460. Despite indecisive trading, it seems that the risks are skewing back to the downside. The key support area to watch is 1.1329/09, where the first weekly demand line is strengthened by the 20-day SMA. Success here would set eye on the 1.12 mark (monthly PP, weekly S3), followed by the March 24 low at 1.1143.
Traders' Sentiment
The bulls continued to push their ideas forward yesterday, but they managed to raise their respective SWFX market share to just 42%, which is one percentage point higher than 24 hours ago. Meanwhile, pending orders stay bearish in 60% or more cases.
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