© Dukascopy Bank SA
- International Monetary Fund (based on Reuters)
Pair's Outlook
EUR/USD has finally added some value after major losses that took place during several consecutive days in a row. The single currency advanced around 50 pips to hit the 1.16 level at the end of trading. Despite that, from above a significant resistance area has been created both by the weekly PP and 2005 low, which are unlikely to let bulls succeed. Therefore, we expect the euro to step back and deteriorate towards monthly S3 at 1.1466 in the foreseeable future.
Traders' Sentiment
For the first time in 22 working days, sentiment on the EUR/USD currency pair turned to be bearish, as the share of short positions is now enjoying a majority at 52%. Meanwhile, pending orders stay completely unchanged, as longs are still having only 38% of them.
© Dukascopy Bank SA