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- National Australia Bank Ltd. (based on Bloomberg)
Pair's Outlook
Being that recent bounce from the uptrend support was not as robust as prior rallies, we may expect the lower line of the channel to be broken, as bulls appear to be exhausted. Breach of 1.2324/18 will imply further depreciation of the single currency en route to 1.1876, a two-year low. In the meantime, resistances at 1.2337/57 and 1.2392/1.2453 should contain the pair from above.
Traders' Sentiment
SWFX traders' sentiment is perfectly neutral towards the currency couple, since both long and short positions constitute 50% of the market, implying indecision of traders with respect to the outlook on EUR/USD, regardless of the Euro being the most frequently acquired currency among its major counterparts.
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