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- Olli Rehn, European Commissioner (based on MarketWatch)
Pair's Outlook
EUR/USD refuses to start a rally and is continuously putting strong pressure on the support line at 1.3491. Even if the trend-line is broken the currency will still be able to reach 1.3711 in the future, as was the case twice—in the beginning of July and September. However, the chance the price will recover after exiting the bullish channel will be significantly decreased.
Traders' Sentiment
The bearish sentiment of the SWFX traders is weakening. Since the last report the share of short positions on EUR/USD contracted from 64% to 60%, being that the overall popularity of the single European currency in the market is on the rise and there are less people willing to buy the U.S. Dollar.
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