© Dukascopy Bank SA
- Brown Brothers Harriman & Co. (based on Bloomberg)
Pair's Outlook
On Tuesday, the single European currency remained under significant bearish pressure, as US fundamentals pushed EUR/USD below 1.09. The pair dropped to one-month lows and was stopped by the weekly S1 at 1.0856, the lowest level since April 28. The focus remains on the downside, while the medium-term target is currently placed at 1.0774 (Bollinger band / Apr 24 low), with the possibility to drop as low at 1.0740 (monthly S1).
Traders' Sentiment
The gap between long and short positions narrowed to minimal, as bulls are currently keeping 49% of all opened positions. Meanwhile, the commands to buy the Euro against the US Dollar in 100-pip range from the spot recovered 5% from Tuesday to reach 45%.
© Dukascopy Bank SA