EUR/USD unchanged after recent recovery

EUR/USD was unchanged on Wednesday, after the market has sold off down to the monthly S1 at 1.0875 and recovered back in the direction of the weekly PP at 1.0949. While the mid-term outlook is moderately bearish, the pair may show local rallies in the short run. However, gains should be contained by the 100 and 20-day SMAs at 1.10, which is the main target for bulls at the moment. Bears are in turn aiming at recent lows, which are predominantly represented by the May minimum at 1.0818. 

Sentiment among SWFX market towards EUR/USD has been unchanged at 47% in the past 24 hours of trading, after it deteriorated significantly in the preceding day.