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- Chapdelaine Foreign Exchange (based on Reuters)
Pair's Outlook
After encountering strong resistance in the form of the June high and the weekly R1 EUR/USD remains pressured, currently it is fluctuating a little higher than the up-trend support line. Still, the Euro is expected stay above 1.3317/04, which should act as a springboard for the currency pair, that in turn is expected to re-test 1.3417/04, the area that safeguards the target at 1.3511/1.3479.
Traders' Sentiment
While the gap between the long and short positions decreased yesterday, the bears are claiming back their dominance in the market, being that their share increased to 62%, leaving the bulls in a distinct minority with 38%. On average in their crosses the Euro and the U.S. Dollar are purchased in respectively 41% and 61% of the time.
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