EUR/USD slips below 1.38

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Our positioning analysis suggests that markets remain slightly long EUR on the net basis, offering plenty of scope for rebuilding short EUR and long USD positions."
- BNP Paribas (based on CNBC)


Pair's Outlook

Regardless of the weekly and monthly technical indicators that remain bullish, EUR/USD plunged beneath the support at 1.38. The Euro is currently testing the 55-day SMA at 1.3730, but this level is also reinforced by the 100-day SMA and monthly PP, which significantly increases the probability of a rebound. If, however, the selling persists, the next important demand area is at 1.3584/75, where the monthly S1 merges with the 200-day SMA.

Traders' Sentiment

SWFX market participants, as it seems, did not react to the dip in Euro's price. Just as 24 hours ago, 65% of them are expecting the common currency to continue losing its value. In the meantime, the share of sell orders decreased, from 64% down to 55%.
© Dukascopy Bank SA

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