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- Commonwealth Foreign Exchange (based on Bloomberg)
Pair's Outlook
Yesterday EUR/USD did make an attempt to breach the resistance at 1.3581, which would allow the currency pair to challenge the 100-day SMA and the rising trend-line, but it failed. As a result, the price retreated back to the monthly S1 that is expected to give in to the selling pressure in the nearest future and thereby open a path towards the 200-day SMA at 1.3427.
Traders' Sentiment
SWFX market participants do not change their view on EUR/USD. Most of them at the moment are holding short positions, specifically 57%. If the price steps higher, this percentage is likely to increase even more, as 79% of orders 100 pips from the spot are to sell the Euro against the buck.
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