© Dukascopy Bank SA
- Bank of America (based on Bloomberg)
Pair's Outlook
Even though the Euro began the week with a decline, the 200-day SMA is providing strong support and is expected to trigger a rebound today. Moreover, the given SMA is also reinforced by the monthly R2 and the weekly S1, making the possibility of the bearish momentum taking over highly unlikely. Meanwhile, the weekly pivot point represents immediate resistance, but is of little significance in this case, thus, the main target is the cluster around 120.39, assuming a surge beyond 120.00 is successful. Technical indicators are in favour of the positive outcome, as they retain bullish signals in the short-term.
Traders' Sentiment
Once again 55% of all open positions are long, compared to 53% on Monday. Concerning the pending orders, 61% of them are to purchase the single currency, up from 55% yesterday.
© Dukascopy Bank SA