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- Jeroen Dijsselbloem, Eurogroup President (based on Bloomberg)
Pair's Outlook
Despite being initially supported by the weekly PP at 1.1368, the EUR/USD pair pierced through this important support and plunged considerably on Monday. The pair lost around 50 pips on a daily basis and closed just below the 1.1340 mark. Meanwhile, the 20-day SMA is currently approaching weekly PP; therefore, a comeback of the Euro is unlikely in the nearest future, while chances of a further drop at least down to 1.1287 (weekly S1) increased significantly.
Traders' Sentiment
Bullish opened positions continue to hover just below 50%, with as many as 49% of them registered at 7:00 GMT on Tuesday. SWFX pending orders to buy the Euro against the US Dollar in 100-pip range from the spot are in the minority with just 35% of all.
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