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- Stephen Jen; SLJ Macro Partners (based on Reuters)
Pair's Outlook
EUR/USD pair found a sufficient support around 1.29 level yesterday, as the price retreated from the 55-day SMA and the weekly PP. Currently, the major currency pair, fluctuates around 1.2950 and movement in both sides is very possible. If the price moves up, the first resistance will be 1.2970, the monthly PP, and the second will be 1.3030 area, where the upper Bollinger band and a downtrend line go. And if opposite scenario will take a scene and 1.29 level will be broken, should be reached 1.2820/1.2780 area, with S1 levels and the 100-day and 20-day SMAs.
Traders' Sentiment
The distribution of positions in EUR/USD pair does not change and the majority of opened positions are short (57%) versus buy (43%). Pending orders segment is slightly bullish, as buy orders have 62% and sell orders 38%.
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