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- UBS Wealth Management (based on Bloomberg)
Pair's Outlook
Upward-revised US statistics and hawkish Fed Chair Yellen sent the EUR/USD cross down by nearly 82 pips to 1.1111, the lowest marker since mid-March. We foresee more losses on the Euro's side amid Fed hike expectations. Now the 200-day SMA at 1.1097 is at the serious risk of being penetrated. If successful, the bears will considerably strengthen their dominance in the market. The second daily demand is represented by the weekly S1 at 1.1067, while from the upside the cap is provided by the weekly pivot at 1.1155, followed by the 100-day SMA at 1.1171.
Traders' Sentiment
The SWFX market sentiment is 51% bullish for the first time in 12 weeks, while pending orders are still predominantly bearish on the Euro.
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