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- AMP Capital Investors Ltd. (based on Bloomberg)
Pair's Outlook
Despite registering a major growth on Wednesday and crossing the important area at 1.1050 (April high, January low, weekly R2), the future outlook for EUR/USD is currently mostly neutral. Some bounce back can be observed in the short-term, following a 150-pip surge yesterday. Moreover, technical indicators are still pointing to the downside on weekly and monthly time frames, while the Stochastic suggests the pair became overbought this week.
Traders' Sentiment
Distribution between long and short positions at the SWFX market remains biased in favour of the latter, as bulls are currently in the minority with only 44%. Pending orders to buy the Euro against the US Dollar in 100-pip range account for 48%.
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