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- Deutsche Bank Securities Inc. (based on Bloomberg)
Pair's Outlook
For a fifth consecutive day, the Euro plunged in its value on Friday of last week. Bears gained strength after they managed to push EUR/USD below 2003 low at 1.0759 back on Thursday. However, a decline of the pair was rather surprisingly stopped by the lower Bollinger band at 1.0571, and the cross is still trading above this level. At the same time, daily technical indicators do not predict any revival, while weekly ones are bearish. Therefore, in case the Euro drops below 1.0550, it may head towards this year's low at 1.0461.
Traders' Sentiment
Distribution between bulls and bears is the most positive in more than three months, as longs are currently holding 54% of all opened positions, up one additional percentage point during the weekend.
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