© Dukascopy Bank SA
- Scotia Capital (based on CNBC)
Pair's Outlook
Being that EUR/USD has approached a major downtrend resistance line and 23.60% Fibo retracement level for a move started on October 27 last year, September promises to be bearish for the currency couple, as recent short squeezing is unlikely to develop into a self-sufficient long-term rally. Moreover, the pair is forming a rising wedge, which is considered to be a bearish formation.
Traders' Sentiment
SWFX marketplace traders' sentiment towards EUR/USD is unchanged, since 40% of positions held are long and 60% of them are short, thus providing less support to the Euro than for the U.S. Dollar. However, orders placed on the pair are mostly (57%) to buy the 17-nation currency against the greenback.
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