EUR/USD supported by 55-day SMA

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Traders will look at this week's data with a little bit of caution, but the main thing is, if the euro is losing ground, naturally you find the U.S. dollar tends to benefit from that."
- IG Ltd. (based on Bloomberg)

Pair's Outlook

The common currency managed to rebound for a third consecutive day on Friday, while supported by 55-day SMA, currently at 1.0951. However, EUR/USD failed to return back above the 1.10 round level. At the moment the nearest resistance lies at 1.1050 (20-day SMA; weekly R1), which gives the pair some space for gains in the short-term. On the other hand, in case of a drop below 1.0937 (weekly PP), the Euro's outlook will change back to bearish. 

Traders' Sentiment

The gap between long and short positions remains insignificant at the moment, as bulls are keeping 47% of all opened positions. The commands to buy the Euro against the US Dollar in 100-pip range from the spot slumped noticeably over the weekend to 37%.

© Dukascopy Bank SA

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.