© Dukascopy Bank SA
- M&G Investments (based on Bloomberg)
Pair's Outlook
Initially, the EUR/USD surged noticeably on Monday after the deal with Greece was reached. However, later in the day the Euro lost steam and plunged down to 1.10, thus bringing daily fluctuations up to 200 pips. A recovery is possible in the short-term, and bulls will attempt to recover above 100-day SMA at 1.1019. However, the medium-term outlook remains bearish, while a close below 1.0973 (weekly S1) will open the doors towards the recent low at 1.0916 (Jul 7), followed by the monthly S1 at 1.0875.
Traders' Sentiment
Sentiment among SWFX market participants has been hovering around 50% for a fifth consecutive day, while the share of bulls regained 3% it lost during the weekend, up from 48% to 51% today.
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