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- Forex.com (based on MarketWatch)
Pair's Outlook
Taking into account that the key resistance, namely the one formed by the October high and the multi-year down-trend at 1.3832/13, continues to stand its ground, the Euro is still more likely to depreciate from here than outperform the U.S. Dollar. The closest support is at 1.3726/11 (February high and monthly PP). Accordingly, it is expected to fall victim to the decline first.
Traders' Sentiment
The overall popularity of the Euro in the SWFX market increased (on average 42% of positions are long on it), but there are still more people (61%) willing to hold the greenback instead of the common currency. There are also more buy orders—their share within 100 pips from the spot rose from 33% up to 43%.
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