© Dukascopy Bank SA
- Bank of New Zealand Ltd. (based on Bloomberg)
Pair's Outlook
EUR/USD was rejected by the weekly pivot point on Monday and was forced to capitulate below the 1.12 mark. After piercing through the 50% Fibonacci retracement of Jul-Aug uptrend and 20-day SMA, the only support was offered by the weekly S1 at 1.1183. Despite that, we are looking at the next demand zone around 30 pips below the spot price. A slide below the 61.8% retracement and 55/100-day SMAs should allow a further downward move to the 200-day SMA at 1.1083.
Traders' Sentiment
Distribution between bulls and bears in the SWFX market is completely equal at the moment. In the meantime, the share of long pending orders in 100-pip range from the spot grew from 47% to 48%.
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