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– Stefania Spezzati (Based on Bloomberg)
Pair's Outlook
While still remaining its track towards the bottom boundary of the senior three-month channel, EUR/USD posted a green candle Monday morning. The pair dashed through the bottom Bollinger Band – November low at 1.0552/54, which was the single resistance level solid enough to put up some supply pressures and push it of the track. The next level to stick on to lies just at 1.0646, and is unlikely to be attacked during today's session. We still expect the general motion to remain bearish both in the short and long-term, as the pair makes its way towards the bottom trend-line of the descending channel.
Traders' Sentiment
Traders show an improvement in sentiment with 57% of positions being long, while pessimism reflects in pending orders with 65% of short positions.
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