© Dukascopy Bank SA
- ING (based on Reuters)
Pair's Outlook
It seems that at the moment the Euro is not strong enough to break the 20-day SMA level at 138.77. Although, the downside risks are also limited as the weekly PP at 138.46 seems reliable support level. For now the pair most likely will continue to trade in a narrow range; however, more significant movements are possible if the pair breaches the boundary. In the short term a slight drop below the weekly PP seems possible and it is also supported by technicals.
Traders' Sentiment
The difference between the amounts of long (51%) and short (49%) positions remains negligible, meaning the sentiment is still neutral. Bullish side of pending orders in 100 pips range contracted by 3% and is at 55% today.
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