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"Weak economic growth and record high joblessness across the euro zone is likely to keep alive chances of more interest rate cuts by the ECB in the near term, keeping sentiment towards the euro bearish"- CNBC
Pair's Outlook
EUR/USD is slowly eroding support at 1.2244/29, which is unwilling to give in easily. Nonetheless, bears are expected to overcome this obstacle and drag the price lower. The initial target lies at 1.2099/89, while subsequent ones at 1.1996 and 1.1896 are likely to be attained in the medium-term. Temporary initiatives of bulls, on the other hand, should end either at 1.2337/68 or 1.2411/47.
Traders' Sentiment
The portion of bullish market participants has diminished even further - down to 49%, while bears keep on spreading their influence, though their advantage is yet insufficient to make the overall market sentiment bearish. The ratio between buy and sell orders is 49% to 51%, respectively.
© Dukascopy Bank SA