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- Lloyds (based on Exchange Rates UK)
Pair's Outlook
Five days of gains for the Euro, including Friday, is a direct result of US Dollar's inability to consolidate momentum, while weak fundamentals are only fuelling the rally. Yesterday EUR/USD breached the weekly R1 at 1.1341, meaning at the moment the pair is a position to advance up to the last week's peak at 1.1398. The most substantial resistance, however, is placed higher at 1.1490 where the bulls are going to encounter the February-April uptrend line and the October 2015 high. In the meantime, bullish outlook is boosted by the fact that the 100-day SMA has just crossed the less-volatile 200-day SMA to the upside.
Traders' Sentiment
40% of market participants keep maintaining the bullish stance on the matter, down from 42% yesterday. Pending orders within 50 pips from the spot are equally distributed between the bulls and bears
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