"Speakers on the FOMC will continue to guide U.S. interest rate expectations higher, which will further support the dollar."
- Commonwealth Bank of Australia (based on Bloomberg)
Pair's Outlook
[ANNOUNCE]For the first time in four days the EUR/USD pair rebounded on Friday of the last week, while the gains are being extended on Monday.[/ANNOUNCE] We see the most immediate weekly resistance placed at the weekly pivot point near 1.1250, which is backed by a sharp downtrend line around this area. By violating both of them the Euro will neglect the bearish outlook to start focusing on the monthly S1/55-day SMA at 1.1288/96. In the meantime, the closest possible support is located as low as 1.1156/52, about 80 pips below the current spot price.
Traders' Sentiment
Only 42% of all positions are opened to go long on the Euro in the morning on Monday, down from 45% we have seen before the weekend. On top of that, pending orders fell slightly below the 50% level for the bullish side.