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- Scotiabank (based on CNBC)
Pair's Outlook
Despite a support line at 1.2170 being a weak level, it nevertheless managed to halt EUR/USD from sliding lower, thus pointing out current frangibleness of bearish momentum. Still, majority of indicators for all three observed timeframes suggest the downward trend will persist, consequently, support area at 1.2135/06 should give in eventually, paving way towards 1.1986/26.
Traders' Sentiment
The portion of long on EUR/USD positions has surged up to 70%, signifying increasing conviction of market participants the pair is about to commence recovery, while the single European currency remains the most frequently acquired relatively to its major counterparts. On the other hand, there is no notable advantage of sell orders over buy orders, as their shares are 53% and 47%, respectively.
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