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- Western Union Business Solutions (based on CNBC)
Pair's Outlook
Whether EUR/USD manages to secure its medium-term bullish outlook depends on toughness of support at 1.2792, which is formed by the 200 day SMA and an uptrend support line that shaped the rally since July 25. Absence of any significant resistances up until 1.3151/54 is also worthy of notice, as it increases the chance of a pair's recovery from the current level.
Traders' Sentiment
The U.S. Dollar remains one of the most frequently (in 65% of cases) acquired currencies on average in the SWFX marketplace. Accordingly, sentiment of traders towards EUR/USD is bearish, since 44% of positions on the pair are long and 56% are short. On the other hand, the ratio between buy and sell orders is 55% to 45%, respectively.
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