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- State Street (based on Reuters)
Pair's Outlook
Yesterday, EUR/USD's bears managed to push it below major support at 1.09. Moreover, as expected the Euro declined to reach monthly PP at 1.0811 at the end of trading session, following a violation of weekly PP and downtrend. The closest demand is reinforced by weekly S1 and 2003 low. Probability of a drop in the near-term is therefore rather low, meaning that we can see some rebound in course of Wednesday, with daily target at 20-day SMA.
Traders' Sentiment
Bullish opened positions at the SWFX market are accounting for 43% this morning, up one percentage point during past 24 hours. On the other hand, pending orders to buy the Euro against the US Dollar in 100-pip range from the spot plunged further to reach just 40%.
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