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- Commonwealth Bank of Australia (based on Bloomberg)
Pair's Outlook
The European currency continues to diminish amid speculations the US Federal Reserve is going to proceed with policy tightening. The pair is clearly moving in the direction of the monthly pivot point at 1.1346, as the only intermediate demand is the 20-day SMA at 1.1371. Further weakness is highly likely, but EUR/USD is additionally going to face the two-month uptrend near the aforementioned monthly pivot. While at first this support may limit bearish pressure, the mid-term risks remain skewed to the south. Moreover, aggregate daily technical indicators are no longer giving signals to buy the Euro.
Traders' Sentiment
Difference between the percentage of long and short SWFX positions has tightened to only four percentage points. Pending orders strengthened to be 54% bullish in a 100-pip range from the spot.
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