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"While we have hit our mid-year EUR/USD target of 1.05...we see no reason to fade the downtrend."
- RBC Capital Markets (based on CNBC)
Pair's Outlook
During last day of the previous working week, EUR/USD resumed its bearish trend and lost more than 100 pips during the trading session. Moreover, the common currency made an attempt to cross 1.05. However, this level provided pair with bullish momentum that is pushing Euro slightly upwards on Monday morning. Despite that, giving that the closest support is located as far as 1.0335 (weekly S1), bears will try to send pair towards this level in the near-term.
Traders' Sentiment
Bullish opened positions at the SWFX market are accounting for 49% on Friday, no change for a third working day. Additionally, pending orders to buy the Euro against the US Dollar in 100-pip range from the spot have lost around 6% from Friday to just 36% this morning.
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