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- Gallant Capital Markets (based on Bloomberg)
Pair's Outlook
Yesterday EUR/USD tried to breach the 100-day SMA at 1.2698, but the support level at 1.2693 was formidable enough to force the pair to pull back the price up. The last session closed just a few pips above the moving average and today the price moves slightly higher at 1.2720. However, as recently the 200-day SMA was broken so easily, it is expected that this currency pair will retest the 100-day SMA again and, if this movement is successful, the price will reach 1.2645/35 area, where the weekly S1 and the monthly S2 converge.
Traders' Sentiment
Market players' sentiments on EUR/USD pair stay bullish, as 52% traders have a long position and 48% have a short position. Pending orders market distribution is very similar, as 55% are buy orders and 45% are sell.
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