© Dukascopy Bank SA
- JPMorgan Chase (based on Bloomberg)
Pair's Outlook
EUR/USD traded in a broad range between 1.1330 and 1.1470 on Friday. Despite that, the pair has mainly remained below the long-term downtrend line, currently placed at 1.1448. Daily technical indicators are still pointing to the north. However, the pair must climb above the monthly R1 (1.1486) in order to confirm the bullish outlook. Bears, in turn, will try to prevent this scenario to happen by pressing the Euro down towards weekly PP at 1.1348.
Traders' Sentiment
The gap between long and short positions remains well-pronounced in favour of the latter, as bulls are currently keeping just 45% of all opened positions. Meanwhile, commands to buy the Euro against the US Dollar in 100-pip range from the spot jumped to 60%.
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