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"Euro sentiment has brightened and there is reason to be optimistic. I still can't help but think that the missing ingredient for sustained gains is some improvement in the economic data out of Europe"
- Mike Jones, Bank of New Zealand (based on Bloomberg)
Pair's OutlookEUR/USD pair started a week by firmly rallying. The price increased above the down-trend line at 1.3040 and was stopped by the weekly R1 at 1.3055. It is very likely to see a retest of a trend line, which was just easily overcome. Afterwards, if the price still maintains momentum to appreciate, 1.3118 level will be the key resistance, where the weekly R2 and monthly R1 levels intersect with the upper Bollinger band.
Traders' SentimentSWFX market participants expect a beginning of a downside movement, as 43% of traders have a long position and 57% have a short position. Pending orders segment is opposite, as 55% placed orders are buy and 45% are sell.
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