EUR/USD was rejected by 200-day SMA

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The problem is that these numbers are probably consistent with 2 to 2.5 percent GDP growth at best, good enough to begin the normalization of U.S. rates but not good enough to serve as a locomotive for the rest of the world."
- Citi (based on Reuters)

Pair's Outlook

Disappointing US non-farm payrolls resulted in the higher Euro versus the Dollar on Friday. The currency pair bounced off the 100-day SMA, after unsuccessful attempts to test the next support represented by the 200-day SMA at 1.1087. The near term outlook is quite mixed at the moment, even though bulls seem to have slightly more advantages over bears. Key demand is created by the cluster of moving averages, which is reinforced by weekly S1 at 1.1050. On the other hand, gains are anticipated to be capped by the weekly pivot point/20-day SMA at 1.1191.

Traders' Sentiment

Advantage of bulls (51%) over bears (49%) remains minimal at the moment, while the portion of buy orders in 100-pip range increased by eight additional percentage points to reach 51%.

© Dukascopy Bank SA
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