© Dukascopy Bank SA
- Royal Bank of Scotland Group Plc (based on Bloomberg)
Pair's Outlook
EUR/USD observed an aggressive sell on Tuesday of this week, prompted by remarks from the ECB. Bears gained strength around the 23.6% Fibonacci retracement (1.1294), and subsequently pushed the Euro down by 165 points against the Greenback. The pair is already trading below the 100-day SMA. As a result, bears are now focusing attention on the next support at 1.1003 (monthly PP). A close below this level should negate the possibility of rebound.
Traders' Sentiment
The gap between long and short positions remains well-pronounced in favour of the latter, as bulls are currently keeping just 46% of all opened positions. The commands to buy the Euro against the US Dollar in 100-pip range from the spot decreased to 60% .
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