EUR/USD remains buoyant

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The possibility of some action in these [May and June] meetings is perhaps only modestly higher, but the action, if any, will be incremental and thus still slightly bearish for EUR/USD heading into ECB next week."
- JPMorgan (based on CNBC)


Pair's Outlook

Although it looked as if the support represented by the monthly PP has already been broken, EUR/USD found the strength to negate Tuesday's losses. Now the pair is once again trading in front of the major down-trend resistance line at 1.39, which is supposed make sure that the long-term outlook is bearish. However, every time there is a sell-off, it is followed by a recovery. Moreover, most of the technical studies are bullish and thus jeopardise the negative bias.

Traders' Sentiment

Bearish views on EUR/USD got even more popular, being that the percentage of open short positions went up from 65% to 70%. At the same time the number of sell orders also increased—50 pips from the spot their share grew from 49% to 57%.
© Dukascopy Bank SA

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