© Dukascopy Bank SA
- Praevidentia (based on CNBC)
Pair's Outlook
Even though EUR/USD was able to breach 1.3720/08 and spike through the key down-trend resistance line for a brief moment on Friday, it failed to gain a solid foothold above 1.3831/28. Therefore, the currency pair's long-term bias remains bearish and we would rather focus on the nearest supports, despite the weekly technical indicators giving ‘buy' signals.
Traders' Sentiment
While the share of long positions continues to decline, at the moment they constitute 35% of the market (34% last Friday), the portion of buy orders is currently increasing. Within 50 pips from the spot price their percentage soared from 35% up to 62%. The same but less distinct tendency is observed in a wider range as well.
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