EUR/USD volatile between weekly pivots

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The unemployment figures remain horrendously high. It is up to member states to get their act together and implement reforms to give people the opportunity to get a decent job." 
- EU Commission (based on Bloomberg)

Pair's Outlook
Pair had a rather volatile session yesterday. It traded in 140 pip range (between weekly R1 and S1), but closed only 30 pips above the opening price. This suggests that neither bulls or bears have upper hand in the market and todays development (supported by weekly PP) suggests it faces significant downside risk. In any case, pair seems to be more likely to remain in the area it has been trading in the past 5 days.

Traders' Sentiment
Seems that situation in the market is stabilizing as 63% of market participants remain bearish on the pair and share of pending long orders decreased by a mare 1% and is at 53% gauge.

© Dukascopy Bank SA

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