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– based on Bloomberg
Pair's Outlook
EUR/USD confirmed its change of track, opening bearish for the second consecutive session. The dip is currently stalled by the 20-day SMA, with risk at 1.1201, the weekly Pivot Point. A cluster made up by the 55-day SMA and the monthly Pivot Point at 1.1185/90 could further reduce bearish momentum or cut the losses entirely for Tuesday. In case the pair accumulates some strength to reverse the gloomy themes, 1.1260 will be a level to watch, putting 1.1280/84 into perspective if broken. Aggregate technical indicators as well as the 20-day and 55-day SMA crossover both give out BUY signals, suggesting that the broken channel retracement could still be in the picture .
Traders' Sentiment
SWFX traders are bearish, as 60% of positions are short. Pending commands are bearish as well, with 63% of set up orders being to sell.
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